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Currency in example sentence

In 2005, when the US government was pressing China to allow the renminbi to appreciate, Phillip Swagel, a former member of President George W. Bush’s Council of Economic Advisers, wrote: “If China’s currency is undervalued by 27%, as some have claimed, US consumers have been getting a 27% discount on everything made in China, while the Chinese have been paying 27% too much for Treasury bonds.”
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