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The Treasury Department refused again Tuesday to label China a currency manipulator. In its semiannual report on exchange-rate policies, Treasury said China's currency remains "significantly undervalued" and "further appreciation of the [yuan] against the dollar and other major currencies is warranted." Republican presidential candidate Mitt Romney had pledged to cite China as a currency manipulator. President Barack Obama has argued that pressure from his administration has pushed the Chinese currency higher against the dollar. Treasury said the yuan has appreciated by 9.7% against the dollar since June 2010 and 12.6% when adjusted for inflation.

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