China rows with US over currency

Chinese officials yesterday rejected US claims its currency is damagingly undervalued, maintaining it is important to stick to its current plan of gradual re-valuations. It came after a US Treasury report said the renminbi (RMB) “remains significantly undervalued.” However, the report did stop short of branding China a currency manipulator, a formal step which could lead to trade and other sanctions. “We hope the US can appropriately deal with the relevant trade issues related to the RMB exchange rate, and take a cooperative and constructive attitude,” said a spokeswoman.