Book excerpt: The Sec. of the Treasury is required to provide semiannual reports on the international economic and exchange rate policies of the major trading partners of the U.S. They must consider "whether countries manipulate the rate of exchange between their currency and the U.S. dollar for purposes of preventing effective balance of payments adjustment or gaining unfair competitive advantage in international trade." This Report covers developments in the second half of 2010, and data as available through the first four months of 2011. Treasury has concluded that no major trading partner of the U.S. met the necessary standards during the period covered in this Report. Contents: Introduction; U.S. Macroecononmic Trends; The Global Economy; U.S. International Accounts; The Dollar in Foreign Exchange Markets; Analyses of Individual Economies. With respect to China, the report concludes that China was not manipulating its currency to gain an unfair trade advantage, but it still needs to allow the yuan to rise much faster in value. Figures and tables. This is a print on demand report.