News Summary: China not cited as manipulator

Associated Press Published: November 27, 2012
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CHINA CURRENCY: The Obama administration on Tuesday declined to label China a currency manipulator, noting that Beijing has let the yuan rise nearly 10 percent in value against the dollar since June 2010.

TRADE IMPACT: The administration did say that China's currency remains "significantly undervalued." U.S. manufacturers say China is manipulating its currency to gain trade advantages by making Chinese goods cheaper in the U.S. market and American products more expensive in China.

OBAMA CRITICS: Republican presidential nominee Mitt Romney tried to make China's currency an issue in the campaign, saying he would name China a currency manipulator as soon as he took office. But the Obama administration has argued that such a move could backfire against U.S. exporters and quiet diplomacy is a better approach to pursue with China.