Administration refuses to cite China on currency

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

A Bush administration report criticizes China for slowing the pace at which its currency was rising in value against the dollar. It also says China must return to a more rapid pace of appreciation for its currency.

But in the report, which must be submitted to Congress every six months, the administration says China did not meet the standards set in U.S. law for being cited as a currency manipulator.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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