Administration: China Not Currency Manipulator

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Administration: China Not Currency Manipulator

Associated Press – WASHINGTON — The Obama administration on Friday declined to cite China for manipulating its currency to gain trade advantages against the United States.

The Treasury Department noted that China last June said it would begin allowing its currency to rise against the dollar. The agency said the pace of revaluation has been too slow since and more rapid appreciation is needed.

Treasury's finding came in a report it must submit to Congress every six months determining whether other countries are manipulating their currencies. American manufacturers have been pushing for China to be cited. That could result in penalty tariffs being imposed on Chinese imports.

There was no immediate response from the Chinese government. Calls to the central bank and foreign ministry went unanswered Saturday morning.

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