The Obama administration declined to brand China a currency manipulator, while saying the yuan “remains significantly undervalued.” China “has substantially reduced the level of official intervention in exchange markets since the third quarter of 2011,” the Treasury Department said in a statement accompanying its semi-annual currency report to Congress in Washington today. Still, further appreciation of the yuan “against the dollar and other major currencies is warranted.” Critics of China’s exchange-rate policies, including former Republican presidential candidate Mitt Romney, say China deliberately suppresses the ... (full story)