US Treasury again says China is not manipulating currency

[WASHINGTON] The US Treasury on Tuesday again found that China was not manipulating its currency but called on the Asian economic giant to avoid allowing the renminbi to weaken persistently.

"While China does not disclose its foreign exchange intervention, Treasury estimates that direct intervention by the People's Bank of China in the last year has been limited," the Treasury Department said in a statement.

But the twice-yearly report also said "Treasury continues to urge China to take the necessary steps to avoid a persistently weak currency."

AFP