Treasury delays currency report

? The Obama administration announced Friday it will delay a scheduled report on whether China is manipulating its currency to gain trade advantages until after upcoming meetings with world leaders next month.

Instead of putting out a report, the Treasury Department issued a statement praising China for letting the yuan appreciate by roughly 3 percent since June 19. The administration also announced an investigation into unrelated trade policies that union leaders complain have allowed Chinese businesses to gain advantages in the clean energy market.

The dual effort suggests careful diplomacy. It gives China more time to show it’s serious about responding to critics who say it has undervalued its currency to gain a step up in a weak global economy. And it allows President Barack Obama to show U.S. manufacturers, labor unions and lawmakers that he is getting tough with China ahead of the Nov. 2 midterm elections — without labeling Beijing a currency manipulator.