From AFP:
The US Treasury has called on China to adopt swift currency reforms, warning that the Asian giant faced greater risks if the current global financial and economic crisis worsened.
In a closely watched semiannual report to the US Congress, the Treasury did not identify Beijing as a currency manipulator but said that the yuan was relatively undervalued against the US dollar.
It said Wednesday that the yuan’s appreciation against the dollar had slowed since June, amid speculation that China was looking to weaken the currency to help the nation’s exporters suffering from financial turmoil that has slammed the brakes on economic growth in the developed nations.
