UPDATE 1-U.S. Treasury says no new China legislation needed

(Reuters) - "We believe that we currently have the tools to effectively
address these issues, the issue with respect to the exchange
rate," said Alan Holmer, the Treasury department's special
envoy to China.




Holmer declined to say whether Treasury would formally
label China a currency manipulator in a semiannual report on
foreign exchange practices of key trade partners due out on
Wednesday.


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