Reuters reports:
The Obama administration declined to label China a currency manipulator in a long-delayed report on Thursday ...
OK, so Congress is definitely going to act now, right?
"This report is as disappointing as it is unsurprising," U.S. Senator Charles Schumer , a Democrat, declared. "It's clear it will take an act of Congress to do the obvious and call China out for its currency manipulation."
Sounds pretty definite. On the other hand, there's this:
Derek Scissors, China economist at the Heritage Foundation, said the Obama administration's decision takes the heat off for now as Washington gears up for congressional elections in November.
"Treasury can stall (Congress) until October and then no legislation gets passed before the poll, which is what most people in Congress want anyway," he said.
