US softens stance on yuan

WASHINGTON, D.C.: The US Treasury on Monday (Tuesday in Manila) softened its longstanding position that the Chinese currency is “significantly” undervalued, saying it wants to see how market forces move the newly flexible yuan.

In its semi-annual report to Congress on whether trading partners artificially hold down their currencies, it said the yuan “remains below its appropriate medium-term valuation,” a less critical view than that of the past several years.