U.S. Says World Currencies not Manipulated in 2010

 Econintersect:  According to a report released by the U.S. Treasury Department on Friday, major trading partners of the United States, including China, did not manipulate their currencies to gain an unfair advantage in international trade in 2010.  With respect to exchange rate policies, 10 economies were reviewed in this report, accounting for nearly 75% of US trade.  Many of the economies have fully flexible exchange rates.  A few have more tightly managed exchange rates, with varying degrees of management.The Treasury report to the U.S. Congress, none of the county’s major trading partners met the definitions identified by the Congress as currency manipulation.

The Shanghai Daily concentrated on the Yuan.  Here is a excerpt:

“Based on the resumption of exchange rate flexibility last June and the acceleration of the pace of real bilateral appreciation over the past few months,” China’s behavior did not qualify under the official definition of manipulation, the Treasury said in its long-delayed semi-annual report to the Congress on International Economic and Exchange Rate Policies.

Source:  Shanghai Daily