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Obama administration says China not manipulating currency
AZ Central: WASHINGTON (AP) -- The Obama administration said Monday that China's currency remains undervalued in relation to the U.S. dollar but it did not cite the country for unfairly manipulating its currency to gain trade advantages.
In a new Treasury Department report, the administration noted that China sent global markets plunging in August with a surprise devaluation of the yuan. Since then, China's currency, also known as the renminbi, has fallen 2.3 percent against the dollar.
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