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Business Briefing

Currency

China not called a manipulator

October 16, 2009|Times Wire Reports

The Obama administration declined to name China as a country that is manipulating its currency to gain unfair trade advantages.

The Treasury Department did say it has "serious concerns" about a lack of flexibility in the value of China's currency against other currencies and about the country's rapid accumulation of foreign exchange reserves, including U.S. dollars.

Calling China a currency manipulator would have triggered negotiations between the two countries and could have led to economic sanctions.

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