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U.S. Pushes China for Yuan Appreciation Before Hu’s January Visit to Obama

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Daniel Ten Kate and Kathleen Chu
Bloomberg
Nov 14, 2010

The U.S. called on China to let the yuan rise before President Hu Jintao’s planned January trip to Washington, setting a deadline for results after Group of 20 leaders failed to reach a broad agreement on currencies.

Hu’s U.S. visit “will be an important time to look at exactly what the quantum of progress has been” on China’s currency reforms, National Security Adviser Thomas Donilon told reporters today in Yokohama, Japan. The pace of the moves is a “sovereign decision” and the U.S. “will certainly be looking.”

The U.S. push for quick action comes a day after President Barack Obama ramped up his criticism of China’s policies, calling the yuan “undervalued” at the G-20 Summit in Seoul. Leaders failed to agree on a remedy for economic imbalances that endanger the global recovery as they clashed over whether Chinese or U.S. policies were more to blame.

“No nation should assume that their path to prosperity is simply paved with exports to America,” Obama said yesterday in a speech at the Asia-Pacific Economic Cooperation forum in Yokohama, which he attended along with Hu after the leaders left Seoul.

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This article was posted: Sunday, November 14, 2010 at 8:21 am





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