The U.S. Treasury, in an April report, refrained from labeling China a manipulator of the yuan’s exchange rate, a decision criticized by the U.S. Business and Industry Council. It accused President Barack Obama of breaking a major election commitment to “fight Chinese exchange-rate protectionism.”

By law, the Treasury has to enter direct talks with a country deemed to be manipulating its currency, and also seek redress through the IMF. The department said in April it would “use every opportunity” to engage the Chinese “to permit greater flexibility” in the yuan, also known as the renminbi.

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