hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
|
 Posted: Tue Nov 15, 2011 4:10 am Post subject: ‘Enough’s Enough’ on Undervalued Yuan: Obama |
 |
|
President Barack Obama kept up his pressure on China's foreign-exhange policy and trade practices, saying “enough’s enough” on what the U.S. views as a too-slow appreciation of the yuan.
While there's been a “slight improvement,” China’s exporters “like the system the way it is” and are resistant to any moves to loosen the reins on the yuan, Obama said.
“Changes are difficult for them politically, I get it,” Obama said at a news conference concluding a summit with Asia- Pacific leaders in Hawaii yesterday. “But the United States and other countries, I think understandably, feel that enough’s enough.”
As he seeks to reassert U.S. interests in Asia, Obama is using increasingly strong language on China’s trade, currency and intellectual property policies. The U.S. contends China’s currency is kept artificially low, putting American businesses at a disadvantage and driving up Chinese trade surpluses.
Obama, who met Nov. 12 with China’s President Hu Jintao in Honolulu, said that as China’s influence rises, leaders of the world’s second-largest economy must take more responsibility for making sure trade is fair and that intellectual property rights are respected. Hu and Obama were in the Hawaiian capital to attend the annual Asia Pacific Economic Cooperation summit.
China’s Response
China has pushed back against the pressure. After Obama told Hu that the U.S. public and businesses were losing patience with China’s policies, the Chinese Foreign Ministry released a statement saying the U.S. trade deficit and unemployment are not caused by the yuan exchange rate and a large appreciation in the currency won’t solve U.S. problems.
“China’s foreign exchange policy is a responsible one,” Hu told Obama, according to the statement. The country will “continue reforming its exchange rate mechanism.”
The yuan has gained about 8 percent against the dollar in nominal terms since the country ended a two-year peg to the U.S. currency in June 2010, and 30 percent since July 2005. In real, or inflation-adjusted, terms the gain has been more than 10 percent, because consumer prices have risen faster in China than in the U.S.
The yuan rose 0.04 percent to 6.3400 per dollar as of 10:30 a.m. in Shanghai, according to the China Foreign Exchange Trade System.
“We recognize they may not be able to do it overnight,” Obama said about the currency valuation, “but they can do it much more quickly than they’ve done it so far.”
kung fu clothing
generadores electricos |
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
