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The US Treasury Department has held its tongue over whether the Chinese regime is a currency manipulator. It's delaying a key report to Congress until later in the year. The decision comes as Democrats battle to pass legislation that punishes China for its currency practices despite Republican opposition in the House of Representatives.

The United States Treasury Department said it would wait until several key international meetings before ruling on whether the Chinese regime has been manipulating its currency, with both the Group of Twenty major global economies and the Asia Pacific Economic Cooperation Forum to meet in the next two months.

It comes as Democrat lawmakers face tough Republican opposition to a bill that would allow the US to impose trade penalties on countries that manipulate their currency. The bill was approved in the Democrat-controlled Senate on Tuesday.

President Barack Obama has not endorsed the bill but his administration has made increasingly staunch public comments about China's artificially low yuan. Officials believe it's costing US jobs and has allowed China to accumulate around $3.2-trillion in foreign exchange reserves.

[Hillary Clinton, United States Secretary of State]:
"China has been gaming the trading system to hold down the value of its currency to give its companies a leg up. Its currency has appreciated, but not enough—and currency is just one unfair practice."

In a major economic speech in New York, the United States Secretary of State called for a tougher US line against foreign trade barriers. She also called for strategies to deal with state-owned or backed companies that were not transparent.