• US Treasury concludes in semiannual currency report that no major US trading partner has manipulated exchange rate
• Says China’s yuan remains “significantly undervalued”
• Says appreciation in China’s yuan in 2013 not as much as needed, notes large-scale intervention has resumed and yuan has turned lower this year
• Says decline in yuan would be “particularly serious” if it presages resistance to appreciation and retreat from Beijing’s commitment to let market forces play larger role
• Says South Korea should limit forex intervention to times of market disorder and increase transparency of interventions