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US delaying currencies report amid China dispute

US delaying currencies report amid China dispute

A U.S. official says the Obama administration is delaying a report to Congress on currency policies that some lawmakers have insisted should cite China as a currency manipulator hurting the American economy.
Treasury Secretary Timothy Geithner said Saturday he has decided to delay publication of the report, due April 15, because several high-level international meetings in the coming months will be a better way to advance the United States' position.
Still, Geithner said in a statement that China should adopt "a more market-oriented exchange rate." U.S. manufacturers say China's yuan is undervalued by as much as 40 percent and is a big reason for the massive U.S. trade deficit with China.


Updated : 2021-07-24 20:24 GMT+08:00