By  on April 17, 2009

WASHINGTON — The domestic textile industry was up in arms Thursday over the Obama administration’s decision not to declare China a currency manipulator, ending hopes at least for the near future of any punitive action against the country’s exports.

Congressional leaders said they would not immediately be introducing any legislation against China’s currency policies, either. Critics argue that China undervalues its currency by as much as 40 percent, which lowers the cost of Chinese imports and puts goods from the U.S. at a competitive disadvantage. A nonmarket economy, China pegs the yuan against a basket of currencies, including the dollar.

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