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China minister: U.S. move on yuan bill "redundant"

(Reuters) - A U.S. congressional panel's approval of a bill on China's currency is "redundant", China's vice commerce minister said on Monday, adding that China will set policy on its currency according to its own needs.
Vice Commerce Minister Chen Jian also told a media briefing on a visit to Taiwan that the yuan's recent rise would hurt China's exporters, but the effects would diminish over the long term.
The yuan CNY=CFXS rose against the dollar on Monday even though the central bank lowered its mid-point after nine days of stronger fixings in the face of growing U.S. pressure on Beijing to let the currency rise faster.
The U.S. House of Representatives Ways and Means Committee approved a bill on Friday, expected to be voted on this week, that would let the United States apply duties on goods from countries with undervalued currencies.


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