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U.S. Official Suggests Major Currencies 'In Alignment'

U.S. Treasury Secretary Timothy Geithner
U.S. Treasury Secretary Timothy Geithner has suggested that he sees no reason for the dollar to sink further against the euro and the yen, saying these major currencies are "roughly in alignment."

In an interview with "The Wall Street Journal," Geithner also emphasized that the United States was not pursuing a deliberate policy of devaluing the dollar.

Reacting to Geithner's remarks, the dollar rose briefly against other currencies in Asia today.

In other news, China's economy continues to grow but at a slightly slower rate.

The latest data shows the world's second-largest economy grew 9.6 percent in the latest quarter, which was down from the previous quarter's 10.3 percent but still by far the highest of any major economy.

The government said the slowdown was in line with its efforts to moderate growth.

Analysts say the slowdown might hurt the United States, Europe, and other economies that are looking to relatively robust China to power global growth.

compiled from agency reports