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U.S. Says China Not Manipulating Currency

The U.S. Treasury Department says China has not done enough to let its currency trade freely but said Beijing was not manipulating the value of the yuan.

Members of the U.S. Congress accuse China of keeping the yuan low to increase exports and want President Barack Obama to punish China.

However in its latest report on China, the Treasury Department said the yuan has appreciated 12 percent against the dollar in the past 18 months.

But it also cautioned more needed to be done as the yuan was still undervalued.
compiled from agency reports