U.S. Treasury Secretary John Snow on Thursday defended the government decision which did not brand China as a country that was manipulating its currency to gain unfair trade advantages.

Snow told a Senate Banking Committee hearing that, while China's exchange rate policies "are deeply concerning," the Treasury Department could not find that China had intended to manage its currency to gain unfair advantage in international trade.

"I think we arrived at the right conclusion," Snow said, adding that the Bush administration wants China to move faster on its currency system.

U.S. Treasury Department said in a report sent to the U.S. Congress last week that China was not a currency manipulator but pledged to "actively and frankly" push China toward faster exchange-rate flexibility.

Source: Xinhua