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The widening trade gap with China has heightened trade tensions between the two countries. Many have complained that China's trade practices are unfair. American manufacturers say China has kept the yuan undervalued against the U.S. dollar. A lower valued yuan makes Chinese goods cheaper for U.S. consumers and American products more expensive in China. The Obama administration has lobbied China to move more quickly to allow the yuan to rise in value. But it has refused to cite China as a currency manipulator. That designation would require negotiations between the two nations and could lead to the United States filing a trade case against China before the World Trade Organization. The administration issued a report last month saying the Chinese yuan remains "significantly undervalued." But Treasury noted that it has risen in valued by nearly 10 percent against the dollar since June 2010.
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