A long-standing dispute between Beijing and Washington over China’s currency rate is simmering once again. The new US Treasury Secretary Timothy Geithner accused China of manipulating the exchange rate and keeping its currency, the renminbi, artificially low to boost its exports and gain unfair benefits in international trade. China denies the allegations, saying they are unfair and accuses the US of seeking an excuse for trade protectionism.
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The US accuses China of keeping its currency artificially lowImage: AP
