GENEVA — Trade diplomats said it’s highly unlikely that the World Trade Organization will step in to act on the growing concern over the trade-distorting effects of China’s allegedly undervalued currency.

The yuan is pegged to the dollar at a rate of 8.28 yuan, a multiple that many economists argue undervalues the Chinese currency by about 40 percent. The issue has become a hot one for apparel and textile makers and importers, since China is the U.S.’s leading supplier of those products.

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