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World News

China, Germany Criticized by U.S. for Current-Account Imbalances

The U.S. reiterated its complaints that China’s yuan hasn’t strengthened as fast as needed and criticized Germany for its current-account surplus in a report yesterday.

The yuan is “significantly undervalued,” the Treasury Department said in a twice-yearly review of currencies and economic policies, in which it declined to name China or any major trading partner a currency manipulator. The Treasury targeted “countries with large and persistent surpluses” in the euro area, which “need to take action to boost domestic demand growth and shrink their surpluses.” Germany has “maintained a large ... (full story)