U.S. says work left on China currency

Posted: November 28, 2012 at 2:10 a.m.

The Obama administration has declined to brand China a currency manipulator, while saying the yuan “remains significantly undervalued.” China “has substantially reduced the level of official intervention in exchange markets since the third quarter of 2011,” the Treasury Department said Tuesday in a statement in Washington. Still, further appreciation of the yuan “against the dollar and other major currencies is warranted.”

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Business, Pages 20 on 11/28/2012