The US government said on Friday that neither China nor any other major trading partner of the United States is violating a US law against currency manipulation to gain unfair trade advantages.
In an annual report to the US Congress, the Treasury Department said that "no major trading partner of the United States met the technical requirements" laid out in the 1988 law concerning problematic currency manipulations for unfair trade advantages.
A 1988 US law requires the Treasury Department to analyze other countries' exchange rate policies and determine whether such manipulation is occurring and the US government can impose trade sanction on countries found in violation of the law.
On China, the report said that "the US government will pursue persistently and firmly its approach to promote economic, financial and market reforms in China and assist China to move as soon as possible to a flexible exchange rate regime."
(Xinhua News Agency December 4, 2004)
