According to the Financial Times:
"The US Treasury, in its twice-yearly report to Congress on exchange rates and trade, stopped short on Tuesday of accusing China of currency manipulation but made clear it expected revaluation within six months".
Actually this caused more protest in the US than in China - where they will certainly be in no hurry to be seen to be acting under US pressure. The Economist has a global agenda post on the state of China's currency.
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