The U.S. Treasury Department issued a report Tuesday saying they would not refer to China as a "currency manipulator," despite widespread claims that the Chinese government keeps the value of the yuan artificially low. Treasury cited several complex factors in their analysis, including the recent rise in value of the yuan against the dollar. The Associated Press notes, "the decision will likely anger unions and Democratic lawmakers," who feel the adverse impact of cheapened Chinese goods on trade and American industry, and who haven't reacted kindly to similar decisions from Treasury in the past. We also imagine the report won't be taken as the final word on the matter from Republican candidates who have spoken harshly about China's currency policy on the campaign trail. In fact, with an issue as complex and non-transparent as this, we imagine it's very, very far from the final word for anyone, Treasury included.

Update:, Worth noting, on that last point, that Treasury's report says that the Yuan's movement to date remains "insufficient," even if China doesn't yet meet their definition of "currency manipulator." So, again, this is unlikely to be anyone's last word on the issue.