U.S. warns Beijing over currency weakness

Sam Yeh | AFP | Getty Images

The Obama administration on Tuesday told Beijing it was watching the value of China's currency closely, expressing concern over its recent drop and saying it remains "significantly undervalued."

In a semiannual report to Congress, the U.S. Treasury stopped short of declaring China a currency manipulator, but singled it out among large U.S. trading partners for its currency practices.

"Recent developments in the ... exchange rate would raise particularly serious concerns if they presage renewed resistance to currency appreciation and a retreat from China's announced policy of reducing intervention and allowing the exchange rate to reflect market forces," the Treasury said.

Read More Gold bear takes on bug: 'You're miles off base'

—By Reuters

Contact Banks


    Get the best of CNBC in your inbox

    › Learn More