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Photo taken on March 16 Texans Tyler Ervin Color Rush Jersey , 2014, shows yuan (central) and other currencies in the picture. [PhotoIC]
WASHINGTON - The US Treasury Department said on Wednesday that China cannot be ruled as a currency manipulator, but highlighted the need for sustained progress toward a market-driven exchange rate.


"The gradual appreciation of the renminbi this summer and low apparent levels of intervention indicate some renewed willingness by the authorities to allow a stronger domestic currency and to reduce intervention in line with Strategic & Economic Dialogue commitments," the department said in its Semi-Annual Report to Congress on International Economic and Exchange Rate Policies.


"Even so, important metrics continue to indicate that the renminbi exchange rate remains significantly undervalued, highlighting the need for sustained progress toward a market-determined exchange rate," it said.


The report said the nominal effective exchange rate has appreciated 1.6 percent from the beginning of the year through end- September, but there are a number of continuing signs that the exchange rate adjustment process remains incomplete and the renminbi has to further appreciate before reaching its equilibrium.


"China should allow the market to play a greater role in determining the exchange rate," it said, which includes refraining from intervention within the band and adjusting the reference rate if market pressures push the exchange rate to the edge of the band.


It noted China's current account surplus in 2013 fell to below 2 percent of GDP, down significantly from its peak of 10.1 percent in 2007, driven by renminbi appreciation and very rapid growth of domestic investment.


The US Omnibus Trade and Competitiveness Act of 1988 requires the Treasury to provide reports on whether its major trading partners manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade.


In previous such reports from the Obama administration, the US government did not label China as a "currency manipulator".

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MOGADISHU, July 20 (Xinhua) -- Kenyan soldiers who are part of the African Union peacekeeping mission in Somalia (AMISOM) killed a senior Al-Shabaab commander and two of his bodyguards during a raid on his hideout in southern Somalia Wednesday evening, officials confirmed on Thursday.


Kenya Defence Forces (KDF) said Hassan Isaack Ibrahim alas Beila was killed in a joint security operation with Jubbaland Security Force (JSS) in Gelef town.


""The body of the Al-Shabaab commander killed was displaced in Dhobley town today. The troops recovered AK 47, one grenade and his personal phone,"" a KDF official said.


Ibrahim was in charge of Gelef town and its environs. He is from Darasime sub clan of the larger Darood clan in Somalia.


The slain Al-Shabaab commander was responsible for most of the hijackings of miraa (khat) ferrying landcruisers along the Kenya-Somalia border.


The KDF official said Ibrahim was behind attacks of police posts along the common frontier especially in Diff, Hamey and general area of Dhobley.


The killing came hours after three Al-Shabaab terrorists were arrested in the Jubabland State during an operation conducted in Dhobley town.


Haybe Ahmed Abdullahi, Jubbaland State forces Commander for Dhobley town said the insurgents were planning to carry out explosive attacks in the town.


Abdullahi said that African Union forces' Kenya Defence Force (KDF) helped them to defuse explosive elements in which they seized from Al-Shabaab fighters.


Dhobley town is located at the Somali border with Kenya and is one of the towns which have enjoyed relative peace in southern Somalia.


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NEW DELHI, April 18 (Xinhua) -- India's National Disaster Management Authority (NDMA) is all set to conduct a mock exercise on forest fires in northern state of Uttarakhand to improve its preparedness and response mechanism, officials said Tuesday.


The mock drill, first of its kind, will be held on Thursday.


""This exercise will be conducted on the principle of Incident Response System (IRS), which identifies stakeholders and clearly attributes roles and responsibilities to each one of them. It will enhance preparedness and ensure a swift response by reducing confusion and chaos,"" a government spokesman said.


Senior officials from army, National Disaster Response Force (NDRF), forest, health, police, firefighting, civil defense, transport, electricity, public relations are participating in the exercise.


The exercise according to disaster management experts would help in filling gaps, ensuring better communication and improving coordination among various stakeholder agencies during the contingency.


""The mock exercise will be part of a three-day event which will begin with a co-ordination conference today followed by a table-top exercise on Wednesday,"" the spokesman said.


""Officials from other districts will attend these preparatory meetings through videoconferencing from Dehradun city, the capital of Uttarakhand,"" he added.


Currently Indian officials are struggling hard to contain a forest fire near Mount Abu in western state of Rajasthan.


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