The U.S. Department of the Treasury today released its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies.  The report does not cite China as a currency manipulator.  Said Scott Paul, Executive Director, Alliance for American Manufacturing (AAM):

"Today's announcement on currency manipulation, while hardly surprising, is still disappointing. If anything, the decision will enhance our ability to pass legislation in Congress designed to deter China and other countries from misaligning their currencies to gain a trade advantage. It makes no sense, as some have inferred, to rely on inflation in China to increase the real value of the Yuan. Boosting American exports, creating jobs, and accelerating economic growth will not be easy to accomplish without a dramatic, market-based, and sustained appreciation of China's currency."