Along those lines, we note that senior US officials have been quiet on the issue of currency appreciation, with the US Treasury Department delaying the publication of its semiannual report on exchange rate policies, which was due on April 15.

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According to Morris Goldstein, a senior fellow at the Peterson Institute, the administration should abandon its "quiet diplomacy" approach and put a "down payment" of 10% to 15% appreciation against the dollar right away.

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