China not a currency manipulator: US Treasury The US Treasury once again declined to label China a currency manipulator, China Today reported. Some US manufacturers, and members of the government, have accused the Chinese government for keeping its exchange rate against the dollar artificially low, and have claimed that as the principal reason behind the US’s US$233 billion trade deficit with China - one third of its US$758 billion deficit with all trade partners. In its semi-annual currency report, the US Treasury said China did not “match” the technical standards of a country that manipulates its currency to obtain unfair trade advantages. The Chinese government’s maneuvering over the RMB does not mean it is aiming to achieve an unfair trade advantage, the report said. The Senate Banking Committee is currently endorsing a bill that tightens the definition of currency manipulation.FDI up 9.9% in first 5 months Foreign direct investment (FDI) in China rose 9.9% year-on-year in the first five months of 2007, China Economy reported. China attracted almost US$5 billion worth of FDI in May – an 8.7% increase from the previous month. Foreign-funded companies accounted for 58% of China’s record US$970 billion of exports in 2006. UN statistics show China was the world’s fourth largest recipient of FDI in 2006. FDI has helped boost China’s forex reserves to US$1.2 trillion, representing over 20% of global FDI and cementing China as the world’s number one recipient. Jana and Shenyang Machine reach dealJana Partners – a hedge fund managed by Barry Rosenstein – purchased a 30% stake in Shenyang Machine Tool, the China Business Herald reported. Jana came to a share transfer agreement with the northeast-based company’s largest shareholder – the State-Owned Assets Supervision and Administration Commission of Shenyang. The selling price was not revealed. The deal is still waiting for approval from the central government. Rubbish truck factory to be built in Qingdao Japanese Fuji Heavy Industries and China International Marine Containers will ...