The US government has refrained from naming China or any other trading partner as a currency manipulator, as it leans on import tariffs to try to cut a trade deficit with China.
Washington has long argued Beijing keeps its currency artificially low to make its exports more competitive.
Speculation that the US Treasury would make that claim formally this week has not been borne out, however.
In recent years, however, the yuan or renminbi (RMB) has strengthened and economists now say it is more in line with China's economic fundamentals.
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"Of particular concern are China's lack of currency transparency and the recent weakness in its currency", Mnuchin said in releasing a twice-yearly report to Congress on how country's manage exchange rates and trade.
However, the Treasury did not find that China was directly intervening to undermine the currency's value.
The main focus for the Treasury Department has been China, . which U.S. President Donald Trump has criticized for weakening the yuan, . helping Chinese exporters and lessening the impact of tariffs.
Still, as USA interest rates have risen, the U.S. dollar has strengthened further, which makes American exports more expensive.