China not manipulating currency: U.S. Treasury

     WASHINGTON, May 27 (Xinhua) -- The U.S. Treasury¹ Department(财政部) said in a report released on Friday that China was not manipulating its currency.

    "In China, since the authorities decided² in June 2010 to allow the exchange rate to appreciate in response to market forces, the renminbi (RMB) has appreciated by a total of 5.1 percent against the dollar in nominal³ terms through the end of April 2011, or at an annual pace of approximately 6.0 percent," noted⁴ the semi- annual report on international economic and exchange rate policies.

    The Treasury said that as inflation in China is significantly higher than it is in the United States, the renminbi has appreciated more rapidly against the dollar on a real, inflation- adjusted basis, at a rate of around 9 percent per year.

    The delayed report, which was originally scheduled to be sent to the Congress on April 15, finds "no major trading partner of the United States" manipulated(操纵) its currency during the period covered in the report.

    The Treasury added that it will continue to "closely monitor" the renminbi appreciation⁵ pace.

    The report also noted that the U.S. economy is recovering from its deepest recession in the post-war period.

    "While recent growth is encouraging, the economy still faces significant challenges," said the report. The number one challenge is still in the labor⁶ market.

    The U.S. unemployment rate, currently at 9.0 percent, is not expected to fall significantly this year.

    Besides, housing market and long-term fiscal⁷ position are " unsustainable," according to the report.

    In recent remarks, Treasury Secretary Timothy Geithner stated that China is the fastest growing market for U.S. exports. In 2010, U.S. exports to China grew at a pace that was 50 percent higher than the rest of the world.(本文由在线英语听力室整理编辑)

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

3 nominal   

adj.名义上的；(金额、租金)微不足道的

参考例句：

• The king was only the nominal head of the state. 国王只是这个国家名义上的元首。
• The charge of the box lunch was nominal.午餐盒饭收费很少。

4 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

5 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。

6 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

7 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。