The US government declined to name China a currency "manipulator" but said in a report on Wednesday that the yuan remains severely undervalued against the US dollar.
The Treasury, in a semi-annual report to Congress, maintained its position that China should quicken its pace of economic reforms that would help lift the yuan's value, but said there was no evidence of manipulation under US law.
"[The] Treasury concluded that neither China nor any other major trading partner of the US met the requirements for designation" as a manipulator of their currency.
The conclusions allowed China to avoid a process that could trigger sanctions under US law.
The report acknowledged that the yuan appreciated against the US dollar by 12.1 percent since a new currency regime was imposed in July 2005 that allowed it to trade in a wider range.
The Chinese currency rose by 2.5 percent in the first half of this year and another 3.2 percent in the second half through Dec. 11. Against a broader range of currencies, the gain has been 3.8 percent since 2005.
Nonetheless, the report said China's economic policies have led to a range of imbalances in the global economy.
Democratic Senator Charles Schumer blasted the Treasury and the Bush administration for its stance.
"In refusing to brand China as a currency manipulator, which is so obvious, the Administration gives Congress no choice but to act on its own. This report is the strongest case possible for our legislation," Schumer said in a statement.
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