Who The Bush Administration Works For

China is not a currency manipulator, U.S. says

In a blow to American manufacturers and other firms feeling competition from Chinese exports, the U.S. Treasury Department said Monday that China is not a currency manipulator.

Another source, White House: China not manipulating money

“The administration’s lack of action today hurts all Americans by refusing to acknowledge the obvious – that China manipulates its currency,” said Sen. Chuck Schumer.
[ . . . ] American manufacturers believe that China has purposely kept its currency undervalued by as much as 40 percent, making Chinese goods cheaper for U.S. consumers and making American products more expensive in China.