Treasury drops claim that currency 'significantly undervalued'
The US Treasury said China's yuan is 'below its appropriate medium-term valuation' in the semi-annual report on currencies and foreign exchange policies.
The language is a step down from each report since May 2012 in which the yuan was called 'significantly undervalued'. The report also said 'market factors are exerting downward pressure' on the yuan.
Overall, the report said no major trading partner met the threshold to be named as a currency manipulator.