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April 15, 2014 AT 2:56 PM
The Obama administration is raising concern about the value of China's currency but is declining, as in recent years, to accuse Beijing of manipulating it. The Treasury Department says China's currency, the renminbi, has appreciated but not as fast or as much as needed. Treasury reaches that conclusion in its twice-yearly report on whether nations are manipulating currencies to gain trade advantages. The issue has been a point of conflict because a weaker Chinese renminbi makes Chinese goods cheaper for Americans and U.S. goods costlier in China.