WASHINGTON (AP) -- The Obama administration has declined to label China a currency manipulator after seeing recent increases in the value of the yuan compared to the dollar.
The decision will likely anger unions and Democratic lawmakers, who have accused Beijing of artificially holdings down the value of its currency to gain trade advantages. A cheaper yuan makes Chinese goods less expensive when they are shipped to the United States. It also makes U.S. goods more expensive in China.
The Treasury Department says in its semi-annual report that the yuan, also known as the renminbi, has appreciated 12 percent against the dollar in the past 18 months. But it also says the pace of the currency's rise needs to accelerate.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus