The United States has urged China to allow the yuan to appreciate, accusing Beijing of a lack of transparency and describing the currency as “substantially undervalued”. China’s exchange-rate policies stood out among major US trading partners for their “relative lack of transparency”, it added, though it stopped short of designating Beijing a currency manipulator. AdvertisementThe report, the latest semi-annual foreign currency review by the US Treasury, came amid Washington’s long-standing concern that Beijing may intentionally undervalue the yuan. It last labelled China a currency manipulator in 2019 , during US President Donald Trump’s first term. “This relative lack of transparency will not preclude [the] Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist RMB appreciation in the future,” the report said.