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US reverses China 'currency manipulator' label

A man counts renminbi banknotes.
Getty Images

The US has reversed its decision to brand China a currency manipulator as the two countries prepare to wind down their bitter trade war.

The announcement comes as the two countries are expected to sign a so-called "phase one" deal this week.

Washington said it made the change because Beijing had agreed to refrain from devaluing its currency to make its exports cheaper.

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