US treasury: China not a currency manipulator

The US Treasury has declined to label China a currency manipulator in its semi-annual currency report.

The report says that China has allowed the renminbi to gain 9.3 percent against the US dollar between June 2010 and November 2012. China's current account surplus as a percentage of GDP continues decreasing.

And China is also taking steps to increase the currency's flexibility, and promises to form a more market-oriented exchange rate system.

Based on these factors, the Treasury says China did not meet the definition of a currency manipulator under US law.