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China's yuan currency remains "substantially undervalued" and it is in Beijing's own interest to let it appreciate more rapidly to ward off inflation risks, U.S. Treasury Secretary Timothy Geithner said on Wednesday.
The Obama administration backed away on Friday from a showdown with Beijing over the value of China's currency that would have caused new frictions between the world's only superpower and its largest creditor.
Treasury Secretary Timothy Geithner faces a lonely campaign to make China's currency a major issue at the next Group of 20 summit as would-be allies shrink from confronting Beijing.