国际英语新闻：U.S. opts not to label China as currency manipulator

As a Wall Street Journal article published on June 20 said, "As for the U.S., the (renminbi) yuan has become a convenient scapegoat for Washington's policy mistakes."

In contrast with the lawmakers, the Obama administration pursues a more pragmatic approach toward the currency issue.

Geithner has said on many occasions that "China is a sovereign country, and China is going to have to decide its exchange rate."

One reason the Treasury Department opted not to declare China a currency manipulator is that China announced on June 19 a decision to proceed further with the reform of its exchange rate regime to enhance the flexibility of the yuan.

The Chinese yuan has risen about 0.8 percent against the dollar since the June announcement.

The report welcomed China's exchange rate policy shift, calling it a "significant development."

The report also gave a comparatively objective evaluation about China's role in the current global economic recovery.

It said China was a significant source of economic support in 2009, generating a 13-percent increase in domestic demand that contributed 1.6 percentage points to global growth at a time when total world demand declined 0.6 percent.

Moreover, at a time when a sustained global economic recovery still faces grave uncertainty, the Obama administration is reluctant to strain its trade ties with China, an important export market for U.S. goods.