Treasury Secretary Janet Yellen will decline to name China as a currency manipulator in her first semiannual foreign-exchange report, according to people familiar with the matter, a move that allows the US to sidestep a fresh clash with Beijing.

The report, which is not yet finalised, is due on Thursday, although it is unclear when the department will release it. During the Trump era, the Treasury Department was accused of politicizing the report after it abruptly designated China a manipulator in mid-2019 outside its usual release schedule, only to lift the label five months later to win concessions in a trade deal.

A Treasury spokeswoman declined to comment. The offshore yuan extended its intraday gain slightly following the news, strengthening around 0.2% to touch a new high for the day of around 6.5462 per dollar.

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