China Disputes World Currency Manipulation

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Chinese officials are heading to Washington, D.C. to defend accusations that China is a currency manipulator.

Some economist claim China artificially devalues its yuan currency by up to 40 percent. U.S. manufacturers complain that gives China an unfair trade advantage.

"A lot of problems can be properly solved so long as we can avoid politicization and emotionalization," China's commerce minister He Ning told reporters. "It should not be one side pressing the other side."

Premier Wen Jiabao on Sunday denied that the yuan is undervalued. Other officials have dismissed complaints that exchange-rate controls are the reason for China's multibillion-dollar trade surplus.

U.S. lawmakers are calling on President Barack Obama to formally name China as a currency manipulator in a report due out next month. That would open up the door for trade sanctions.

During the campaign Obama called China a currency manipulator numerous times, but since talking office he has pulled back from using that language.

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