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Obama: Yuan action needed
Source: Agencies |
September 21, 2010, Tuesday
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US President Barack Obama said yesterday that China has not done everything that needs to be done on its yuan currency, and that the United States is going to enforce its trade laws "more effectively" than it has in the past.
"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," Obama said.
"They have said yes in theory, but in fact they have not done everything that needs to be done," he said.
The Obama administration has not determined yet whether various proposals in Congress aimed at pressuring China to revalue its currency are legal under World Trade Organization rules, the top US trade official said yesterday.
"It's not a clear call," US Trade Representative Ron Kirk told reporters at an event at the Port of Baltimore to talk about the importance of exports to US economic growth.
He noted there were various versions of China currency legislation being considered in Congress, complicating the task of assessing whether any individual approach was consistent with global trade rules.
"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," Obama said.
"They have said yes in theory, but in fact they have not done everything that needs to be done," he said.
The Obama administration has not determined yet whether various proposals in Congress aimed at pressuring China to revalue its currency are legal under World Trade Organization rules, the top US trade official said yesterday.
"It's not a clear call," US Trade Representative Ron Kirk told reporters at an event at the Port of Baltimore to talk about the importance of exports to US economic growth.
He noted there were various versions of China currency legislation being considered in Congress, complicating the task of assessing whether any individual approach was consistent with global trade rules.
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