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"Just a day after there was much hoopla about the Chinese finally changing their policy, they are already backing off. It vindicates our initial skepticism," said Mr. Schumer, New York Democrat and a prominent critic of China's exchange-rate behavior.

China's flexibility on yuan disputed →

Sen. Charles E. Schumer said Sunday that China's gradual approach to lifting its currency peg amounted to "backing off" its promises, and urged strong legislation that might force further changes.

China's flexibility on yuan disputed →

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