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U.S. declines to cite China

May 16, 2008|From Times Wire Services

The Bush administration has declined to cite China for manipulating its currency to gain unfair trade advantages against the United States.

The finding came despite pressure in Congress for penalties because of America's growing trade deficit with China, which last year hit an all-time high of $256.3 billion.

The administration said China needed to address the "substantial undervaluation" of its currency compared with the dollar.

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