US lets China off the hook

In its semi-annual report to Congress on international economic and exchange rate policies, Treasury found neither China nor any other major trading partner had manipulated its rate of exchange "for preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade."

However the report noted China's economic imbalances continue to increase. Inflation has risen above 8%, which "may be in part due to excessive creation of liquidity in view of China's

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