US talks down currency feud with China

THE OBAMA administration yesterday said China’s currency remained “significantly undervalued” but stopped short of labeling the nation – now led by Xi Jinping (above) – a currency manipulator. The US Treasury noted that yuan had risen 12.6 per cent against the dollar since June 2010. Presidential candidate Mitt Romney had pledged to deem China a currency manipulator in his first day in office, but Obama’s team have taken a softer stance.