U.S. Treasury Department says that China does not manipulate its currency, but the Chinese currency still remains undervalued.
Its latest semi-annual currency report outlined actions taken by China to appreciate its currency and move to a more market determined exchange rate.
The renminbi has appreciated by 12.6 percent in inflation-adjusted terms against the U.S. dollar since June 2010.
The Treasury also said China had "substantially" reduced its intervention in foreign exchange markets since the third quarter of 2011 and had loosened capital controls.
Nonetheless, the department added that the RMB remained significantly undervalued, and further appreciation of the RMB against the U.S. dollar and other major currencies was warranted.
During this year's U.S. presidential election campaign, Republican pre
