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U.S. Delays China Currency Report Until After G-20 Meeting

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Oct. 12 (Bloomberg) -- The U.S. delayed a report on the exchange-rate policies of trading partners including China until after a meeting of the Group of 20 finance ministers and central bank governors next month, the Treasury Department said in a statement today.

The Treasury frequently delays the report, which is due Oct. 15. The last one, due April 15, was released on May 25. The report due on Oct. 15, 2011, was released on Dec. 27.

China’s currency has been a topic of debate during the U.S. presidential campaign, with both Democrats and Republicans saying an undervalued yuan provides the nation with an unfair advantage in global trade. The Obama administration has said it favors engagement with China, while Republican nominee Mitt Romney has said he will declare China a currency manipulator, a step the U.S. government hasn’t taken since 1994.

The yuan strengthened for a 10th straight week, touching the highest level in 19 years, on speculation that the government will announce measures to revive growth in the world’s second-largest economy.

People’s Bank of China raised the reference rate by 0.2 percent today, the most since March 16, to 6.3264 per dollar.

The G-20 officials plan to meet in Mexico City during the first week of November.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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