Treasury to issue currency report on Friday – source

WASHINGTON, Oct 13 (BestGrowthStock) – The U.S. Treasury Department
is expected to issue its annual report on the currency
practices of China and other countries on schedule on Friday, a
private sector industry official said on Wednesday.

The industry aide, who spoke on condition he not be
identified, said his group had heard from an administration
official the closely-watched report would be issued on time.

That would contrast with the report due April 15, which
Treasury did not release until July 8.

The industry aide did not know if Treasury would label
China a currency manipulator, a move that would rile Beijing.

Fred Bergsten, president of the Peterson Institute for
International Economics, recently said he thought Treasury
could label China a manipulator in this report based on recent
criticism U.S. Treasury Secretary Timothy Geithner has made.

The Treasury Department is required each Oct 15 and April
15 to issue a report on whether any country “manipulate(s) the
rate of exchange between their currency and the United States
dollar for purposes of preventing effective balance of payment
adjustments or gaining unfair competitive advantage in
international trade.”

If it determines any country met that definition of
currency manipulation, it is required to expedite negotiations
either through the International Monetary Fund or bilaterally
to persuade the country to change its practice.

A Treasury Department spokeswoman declined earlier on
Wednesday to say whether the report would be released on time,
or to give any explanation for the secrecy surrounding the
release date for the report.

The last time Treasury cited a country for currency
manipulation was in July 1994, when it named China.

(Reporting by Doug Palmer; Editing by Andrew Hay)

Treasury to issue currency report on Friday – source