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U.S. Won't Cite China As Currency Manipulator

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May 15, 2008 2:15 pm US/Eastern

U.S. Won't Cite China As Currency Manipulator

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

The finding announced Thursday 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 largest deficit ever recorded with a single country.

In a report it is required to deliver to Congress every six months, the administration said China needed to address the "substantial undervaluation" of its currency compared to the dollar. But the report said China did not meet the technical requirements under the law to be designated as a currency manipulator.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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