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Paul urged the House to pass legislation approved by the Senate that would make it easier to cite China for unfairly manipulating its currency. Many manufacturers argue that China's currency is undervalued by as much as 40 percent. House Speaker John Boehner, R-Ohio, has opposed the measure. China has recently taken action that could result in the yuan appreciating without prodding from the U.S. China and Japan agreed this week to accept the others' currency when trading. Currently, they each convert their currency to dollars. That has made trade between the two Asian economic giants more expensive. The change could reduce the importance of the dollar in Asia, the world's fastest-growing region. But it could also help the yuan trade more freely on international markets, which could result in it appreciating against the dollar.
[Associated
Press;
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