Obama: China Has not Done Enough on Yuan

Following Treasury Secretary Timothy Geithner’s remarks last week, President Obama is also racheting up the rhetoric against China, Reuters reports:

The yuan “is valued lower than market conditions would say it should be,” Obama said, giving China an advantage in trade because it makes Chinese goods less expensive in the United States and U.S. goods more expensive in China.

“What we’ve said to them is you need to let your currency rise in accordance to the fact that your economy’s rising, you’re getting wealthier, you’re exporting a lot, there should be an adjustment there based on market conditions,” Obama said at a town-hall style meeting hosted by CNBC television.

“They have said yes in theory, but in fact they have not done everything that needs to be done,” Obama said.

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