Treasury delays currency report

Earlier versions of the Treasury currency report have stopped short of labeling China as a 'currency manipulator' but have said the burgeoning economic power needs to let its currency appreciate more rapidly.

NEW YORK (CNNMoney) -- The Treasury Department announced Friday it was delaying the release of a report on exchange rates that often contains subtle criticism of China's currency policies.

It appears the delay of the semi-annual report will be substantial -- until at least mid-November.

Treasury said in a statement that the report will be issued "later this year" and that the delay will give the department a chance to assess progress made at several international conferences, including one scheduled for Nov. 12-13.

Earlier versions of the Treasury report have stopped short of labeling China as a "currency manipulator," but have said the burgeoning economic power needs to let its currency appreciate more rapidly.

The delay comes as the Senate seeks to increase pressure on China. On Monday, the Senate slapped new duties on imports from nations whose currency is undervalued. The bill is not expected to pass the House.

But that didn't stop Chinese officials from speaking out against it.

"China resolutely opposes the currency exchange bill passed by the U.S. Senate," said Chinese foreign ministry spokesperson Liu Weimin.

"This bill seriously violates World Trade Organization rules, harms bilateral economic and trade cooperation, and does not solve the economic and employment problems in the United States," Liu said.