Are Asian countries manipulating their currencies?

The US Treasury is due to report this month which of its major trading partners, if any, have been manipulating their currencies for unfair advantage. No country in Emerging Asia meets the criteria currently laid down by the US Treasury. However, the decision is likely to be as much a political one as an economic one, and is not a forgone conclusion. Labelling China or anywhere else in Asia a currency manipulator would represent a ratcheting-up of tensions.