Trump has accused Beijing of suppressing the yuan’s exchange rate to help its exporters.
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China's leaders pledged Friday to keep its currency stable and trim bloated heavy industry as they wrapped up an annual planning meeting amid pressure from U.S. President-elect Donald Trump and European leaders over trade.Foreign companies complain Chinese regulators are trying to squeeze them out of technology and other promising industries.Trump, who takes office in January, has vowed to press Beijing for action by imposing 45-percent tariffs on Chinese goods.Few economists expect him to go that far but any sanctions could hurt Chinese export industries that support millions of jobs.The Chinese leadership is trying to shore up economic growth while reducing reliance on debt that economists worry is dangerously high.The Chinese leadership also pledged to make a priority of preventing financial risks.
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