China does not manipulate its currency. The conclusion of the United States Treasury Department report is welcome, but we should not be blinded by the heightened pressure on yuan appreciation and the protectionist sentiment swirling around it.

Recognizing that the value of China's currency has risen by more than 21 percent since July 2005, the report did not name China as a manipulator of its currency. But it's not the end of the story.

Sander Levin, chairman of the US House Ways and Means trade subcommittee, said after the report was issued that he "felt" some countries were manipulators, according to a Reuters report.