No currency manipulator labels from U.S., China

The Biden administration will not designate any country as a currency manipulator, but it did name China, Vietnam and Taiwan among the nations that have failed to live up to global agreements not to use their currencies to gain unfair trade advantages. In a report to Congress released Friday, the Treasury Department cited China for a number of failures that prevent trading partners from gaining full knowledge of how it is manages its currency. The Treasury plans to closely monitor the foreign exchange activities of China’s state-owned banks to get a clearer picture of China’s currency practices, according to the report.