Treasury Delays Currency Report
The Treasury Department on Friday announced it was delaying its semiannual report to Congress on currencies, a key report that observers look at to identify if the U.S. believes China or any country is manipulating its currency for an unfair trade advantage. The most recent report, released on Dec. 27, missed its deadline as well. In that report, the Treasury said China was not a currency manipulator, a move that allowed the Obama Administration to avoid any escalation of a trade dispute with China. The Treasury said it was delaying this report so that progress could be assessed following several international meetings of policymakers. A number of lawmakers argue that China is a currency manipulator and Republican presidential candidate Mitt Romney has said he'd brand China a manipulator on his first day in office.
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