China not doing enough on currency: Obama
14 Nov 2011
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According to US president Barack Obama China was not doing enough to allow its currency to rise in value.
Obama, who was addressing the Asia Pacific Economic Cooperation (Apec) summit in Hawaii, said China needed to follow the same rules as other nations.
The president's observations on the yuan came in the context of a conflict that has been raging over the last few years between the US and China.
Earlier on Sunday, the 21-member Apec nations agreed to boost trade to spur global growth.
Obama however warned that China's currency policy had led to distortions in global trade.
According to the US president, most economists agreed that China's currency was undervalued by between 20 and 25 per cent.
.webp)
