Washington (CNN) -- President Obama's senior economic adviser said Sunday the government was delaying a report to Congress in order to provide more time to address China's alleged currency manipulation. Lawrence Summers, director of the National Economic Council, told the CNN program "State of the Union" that major international meetings coming up, including a G-20 economic gathering that will include China, provide the opportunity to resolve trade differences that could be exacerbated if the exchange-rate report were released on April 15 as scheduled. Summers said the upcoming meetings offer opportunities to engage China and other countries that have large trade surpluses with the United States.
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Economic adviser Lawrence Summers wants to give China more time
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Critics argue China keeps currency low, hurting American businesses
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U.S. Treasury Secretary Tim Geithner announced delay of currency report
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Geithner admits China has maintained an "inflexible exchange rate"
Many @placeholder economists say the currency is undervalued by as much as 40 percent.