WASHINGTON (MarketWatch) -- The Treasury Department in its long-delayed semi-annual report on currencies said China is not a currency manipulator. "Based on the ongoing appreciation of the RMB against the dollar since June 2010, the decline in China's current account surplus, and China's official commitments at the G-20, APEC, and the U.S.-China Strategic and Economic Dialogue that it will move more rapidly toward exchange rate flexibility, Treasury has concluded that the standards identified in Section 3004 of the Act during the period covered in this Report have not been met with respect to China," the department said in a statement. Still, Treasury called the movement in the yuan "insufficient" and said it will "closely monitor" the pace of yuan appreciation and press for policy changes.