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China Has an Odd Way of Manipulating the Yuan: David Fickling

Spoiler alert: for the 36th time running, the U.S. Treasury has concluded that none of its major trading partners are driving down the value of their currencies.

The Chinese yuan is “below its appropriate medium-term valuation” and Korea’s won is “undervalued,” but neither is manipulating its currency, according to the latest biannual report released Monday. Japan’s yen is... well, it’s not really clear what the Treasury thinks on that one. Read it for yourself.