Honor among thieves, I guess…

The Obama administration declined Tuesday to label China a currency manipulator, noting that it has let the yuan rise nearly 10 percent in value against the dollar since June 2010.

The decision came in a twice-a-year Treasury report on whether any other nations are manipulating their currencies to gain trade advantages. Despite its decision, the administration said the yuan remains “significantly undervalued,” and it urged China to make further progress.

U.S. manufacturers contend that China is manipulating its currency to gain a trade advantage. A weaker yuan makes Chinese goods cheaper for American consumers and U.S. goods more expensive in China.