President Barack Obama criticized China’s currency policy, praised his economic team and called predictions of a Republican takeover of the House of Representatives “premature.”
China’s leaders haven’t done “everything they said would be done” to allow the nation’s currency to rise in value, Obama said yesterday, echoing the views expressed by administration officials and lawmakers at congressional hearings last week. “What we’ve said to them is you need to let your currency rise,” he said in an hour-long town hall discussion on the economy broadcast on CNBC television.
The yuan is “valued lower than market conditions say it should be” and that gives China “an advantage in trade,” the president said ahead of scheduled talks with Premier Wen Jiabao at this week’s United Nations General Assembly in New York.
In response, Jiang Yu, a Chinese Foreign Ministry spokeswoman, called U.S. criticisms of the exchange rate “unwise and short-sighted.” Appreciation of the yuan cannot solve the U.S. trade deficit and America should focus on economic recovery, she said today on a government website.
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