US cites progress on dollar-yuan
Source: Agencies |
May 26, 2012, Saturday
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Print Edition
Print Edition
THE US government says China has made progress in allowing its currency to rise against the dollar and will not accuse the nation of manipulating its currency to gain a trade advantage.
The Treasury Department's decision yesterday should help avert a trade dispute. Still, the department says China's currency remains undervalued and must rise further against the dollar. The yuan has gained 8 percent against the dollar in the past two years. A lower-valued currency makes China's exports cheaper and US imports more expensive.
If the department found that China was manipulating its currency, the US could impose trade sanctions if bilateral negotiations failed.
The Treasury Department's decision yesterday should help avert a trade dispute. Still, the department says China's currency remains undervalued and must rise further against the dollar. The yuan has gained 8 percent against the dollar in the past two years. A lower-valued currency makes China's exports cheaper and US imports more expensive.
If the department found that China was manipulating its currency, the US could impose trade sanctions if bilateral negotiations failed.
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