US declines to label China a currency manipulator

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The Obama administration has declined to label China a currency manipulator, noting that it's let its currency rise nearly 10 percent in value against the dollar since June 2010.

The administration says the Chinese yuan remains "significantly undervalued" and is urging China to make further progress. U.S. manufacturers contend that China is manipulating its currency to gain trade advantages. A weaker yuan makes Chinese goods cheaper for American consumers and U.S. goods more expensive in China.

Republican presidential nominee Mitt Romney had vowed during the campaign to brand China a currency manipulator if he won the White House.

The Obama administration has argued that a condemnation of China would risk retaliation that would hurt American exporters.

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