US again declines to say China cheats with currency

Amid growing trade tension between China and the United States, the administration of President Donald Trump has again declined to label China a currency manipulator.

The US Treasury Department, in its semiannual report to Congress, found none of the six major US trading partners placed under monitoring - China, Germany, Japan, South Korea, Switzerland and India - was manipulating its currency. India is new to the Treasury list.

"We will continue to monitor and combat unfair currency practices, while encouraging policies and reforms to address large trade imbalances," Treasury Secretary Steven Mnuchin said in a statement on Friday.