The U.S. Treasury Department said it would delay until later this year a ruling due on Saturday on whether China was manipulating its currency to gain an unfair trade advantage.

The decision to delay the sixth semiannual report to the U.S. Congress under the Obama administration came days after the U.S. Senate approved a bill that aims to pressure Beijing to let its yuan rise in value faster.

The delay will give us a chance to assess progress following several international meetings, the Treasury Department said in a statement. Ministers and leaders of the Group of Twenty major global economies and the Asia Pacific Economic Cooperation forum are scheduled to meet in October and November.

Many U.S. lawmakers and economists contend that China undervalues the yuan by as much as 15 to 40 percent to give its companies a price advantage in global markets. Beijing denies this contention, and has pressed the White House to block the currency bill, which it says breaks World Trade Organization rules.

The Obama administration says it shares the goal of the Senate legislation, which has been held up in the House of Representatives in the face of Republican opposition. But it has raised concern that some provisions could violate WTO rules.

Currency war China