The U.S. Treasury declined Friday to name China a currency manipulator, a move that is likely to intensify an already hot debate in the U.S. presidential campaigning.

Presumptive GOP nominee Mitt Romney said recently that if he is elected president he will name China as a currency manipulator on his first day in office. Such a designation would let the U.S. more forcefully resist inexpensive Chinese imports.

The Obama administration, meanwhile, pushed back on Thursday against Romney's accusation that China artificially keeps its currency cheap to gain a trade advantage against the U.S. A White House spokesman said the administration is working -- successfully -- to raise the market value of the yuan, China's currency.