China did not manipulate its currency. Who says? The US Treasury, and they can't be wrong, can they?
"The Treasury, in a semi-annual report required by Congress, said that while China’s rigid exchange rate continued to create distortions and risks in the global economy, Beijing had taken important steps towards introducing flexibility."
“The initial steps by China to increase exchange rate flexibility played an important part in this decision,” said John Snow, Treasury secretary, noting in particular China’s formal abandonment on July 21 of its peg to the US dollar. But he added: “It is imperative that China move towards greater flexibility as quickly as possible."