China Tells Obama To F- Off On Currency
Tweet
BEIJING (AP) – China’s president is rebuffing U.S. pressure to revalue the Chinese currency, telling President Barack Obama that any tinkering with the yuan will be done by Beijing in accord with domestic interests.
At a Monday meeting in Washington, Chinese President Hu Jintao told Obama that Beijing would not yield to foreign pressure on the yuan.
Hu says that a rise in the yuan’s value would not end America’s persisting trade deficit with China.
With a continuing high unemployment in the U.S., Congress has been pressuring the Obama administration to punish China for pegging the yuan to the dollar – a tactic which economists say keeps the currency undervalued and gives Chinese exports an unfair advantage.
 |
|