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Byline: Scott Malone
NEW YORK -- China might soon take a step toward allowing its currency to rise in value by pegging the yuan to a basket of currencies, including the dollar, the euro and the yen, a top Chinese economist said.
The yuan is pegged at an exchange rate of 8.28 to the dollar, a level that many economists consider undervalued by 10 percent to 40 percent. That has drawn the ire of domestic manufacturers and some U.S. politicians, who contend that it gives Chinese goods an unfair advantage.
"The real issue is how to change the regime to a managed, floating and more flexible one referenced to a diversified basket of currencies," said …