China says they’ll stop manipulating renminbi…again…

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China will make new commitments on its exchange rate policy Friday as part of the official Group of 20 communiqué, according to a U.S. official close to the matter.

“There will be some slightly new language on China and the exchange rate,” the official said, adding that the move “will not be the be-all-end-all.”

The United States has been pushing China to move toward a “market-based” exchange rate for its currency, the yuan, since at least 2008.

“This is an issue that has involved a lot of hard work on our part,” the official said.

China has allowed its currency to appreciate somewhat, but many economists say it remains significantly undervalued.

Critics say China manipulates its currency to give its export-driven economy an advantage in global trade. China has argued that its currency policy is necessary to maintain “social stability.”