US delays China currency report, October 15, 2011

The Obama administration announced Friday its decision to postpone the publication of a report to Congress on whether China is a currency manipulator until later this year.

In a brief statement, the Treasury Department said that it was delaying the currency report on International Economic and Exchange Rate Policies of the major trading partners of the United States until after a series of meetings including discussions this weekend in Paris among finance officials from the Group of 20 major economies.

The report is scheduled to be released Saturday.

The Omnibus Trade and Competitiveness Act of 1988 requires the Treasury to provide reports on whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.