WASHINGTON (AP) - The Obama administration says China's currency remains undervalued in relation to the U.S. dollar but it did not cite the country for unfairly manipulating its currency to gain trade advantages.

WASHINGTON (AP) The Obama administration says China's currency remains undervalued in relation to the U.S. dollar but it did not cite the country for unfairly manipulating its currency to gain trade advantages.

In a new Treasury Department report, the administration notes that China sent global markets plunging in August with a surprise devaluation of the yuan. Since then, China's currency has fallen 2.3 percent against the dollar.

Treasury says it will be important going forward for China to allow its currency to again rise in value against the dollar when market forces dictate such a move.

The report, which Treasury is required by law to submit to Congress twice a year, did not charge any country with unfair currency manipulation. Such a designation could ultimately lead to trade sanctions.