Leaders Reject US Moves To Get Yuan Rise
Source: Agencies |
November 13, 2010, Saturday
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Print Edition
Print Edition
LEADERS of 20 major economies yesterday refused to endorse a United States push to get China to let its currency rise, keeping alive a dispute that has raised the specter of a trade war.
The biggest disappointment for the US was the pledge by the leaders to refrain from "competitive devaluation" of currencies. Using a slightly different wording favored by the US - "competitive undervaluation" - would have shown the G20 taking a stronger stance on China's currency policy.
The United States claims China is artificially keeping its yuan weak to gain a trade advantage. US President Barack Obama said yesterday the yuan is an "irritant" to the US and other trading partners.
The biggest disappointment for the US was the pledge by the leaders to refrain from "competitive devaluation" of currencies. Using a slightly different wording favored by the US - "competitive undervaluation" - would have shown the G20 taking a stronger stance on China's currency policy.
The United States claims China is artificially keeping its yuan weak to gain a trade advantage. US President Barack Obama said yesterday the yuan is an "irritant" to the US and other trading partners.
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