US criticizes China's currency policy and urges other nations to do more for global growth

The Obama administration says China's currency remains "significantly undervalued," but the administration does not cite China or any other country for unfairly manipulating its currency to gain trade advantages.

In a new report by the Treasury Department, the administration does warn China and other countries running trade surpluses such as Germany and South Korea that they need to do more to boost domestic growth to support a weak global recovery.

The Treasury report warns Beijing that it needs to stop intervening so frequently in currency markets and allow its currency to rise in value against the dollar. U.S. manufacturers contend the renminbi is undervalued by as much as 40 percent and is a significant reason for America's large trade deficit with China.