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WASHINGTON, July 8 (Xinhua) -- U.S. Treasury Department said on Thursday that no major trading partner of the United States manipulates exchange rate to gain unfair competitive advantage in international trade.
"Treasury has concluded that no major trading partner of the United States met the standards identified in Section 3004 of the Act," the department said in its semi-annual report sent to Congress on international economic and exchange rate policies.
The Omnibus Trade and Competitiveness Act of 1988 requires the Secretary of the Treasury to provide reports on "whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade."
The report welcomed China's exchange rate policy shift, calling it a "significant development."
China's central bank announced in June a decision to proceed further with the reform of the exchange rate regime to enhance the flexibility of the yuan, also known as renminbi (RMB)'s exchange rate.
Treasury Secretary Tim Geithner said the U.S. "will continue to work towards expanded U.S. export opportunities in China that support employment in the United States."