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As of 0.9.1 Ethereum Wallet rolled out a "sync with light client (beta)" functionality. However, on my machine it does not seem to update ERC-20 token values, only eth count.

Is that the actual case? Does this feature not yet support synchronization of tokens?

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The light sync feature does support ERC-20 tokens (tested with 0.9.2). In order to track them you'll have to manually add each token contract. Just go to the CONTRACT's tab and click WATCH TOKEN on the CUSTOM TOKENS section.

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