00:02 ET<\/span><\/span><\/p>\nChina’s yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated.<\/p>\n
The People’s Bank of China (PBOC) fixed the yuan’s mid-point at 6.4856 against the US dollar on Monday.<\/p>\n
China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.<\/p>\n
China is the world’s biggest exporter.<\/p>\n
The US and other major economies have said that China’s policy of keeping the value of its currency low gives an unfair advantage to its manufacturers.<\/p>\n
There have also been concerns that China’s currency policies have also been responsible in part for big trade imbalances with its trading partners.<\/p>\n
Currency manipulator<\/span><\/p>\nThere had been repeated calls in the US to label China a currency manipulator, given Beijing’s currency policies and reluctance to let the yuan trade freely.<\/p>\n
China however has maintained that while it is willing to allow the yuan to appreciate, its pace has to be gradual.<\/p>\n
It said that a sudden rise in the yuan will not only be detrimental to its export sector but will also have a negative impact on the overall economy.<\/p>\n
In its report released on Friday, the US Treasury Department said that although China’s currency was undervalued, the country was not a currency manipulator.<\/p>\n
Analysts say that the report came as no surprise.<\/p>\n
“While the US China Business Council (USCBC) has advocated repeatedly that China should allow its exchange rate to better reflect market forces, designating China as a ‘manipulator’ would achieve nothing,” said Erin Ennis of USCBC.<\/p>\n<\/div>\n
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