June 27, 2010
Obama: China currency could rise "significantly"
President Barack Obama said on Sunday he believes China is serious on its pledge of greater currency flexibility and that the yuan will rise "significantly" on foreign exchange markets.
"We didn't expect a 20-percent revaluation in a week. That would be disruptive to the Chinese economy. It would be disruptive to the world economy," Obama told a news conference at the close of the Group of 20 nations summit here.
"We do expect that as more and more market forces come to bear, that given the enormous surpluses that China has accumulated, that the RMB is going to go up, and it is going to go up significantly," he said. The yuan is also called the RMB or renminbi.
"So we are going to be paying attention over the next several months to make that determination," he said.
Obama also said the global economic recovery was fragile and urged countries not to rush to the exits on their efforts to stimulate growth.
Reuters
President Barack Obama said on Sunday he believes China is serious on its pledge of greater currency flexibility and that the yuan will rise "significantly" on foreign exchange markets.
"We didn't expect a 20-percent revaluation in a week. That would be disruptive to the Chinese economy. It would be disruptive to the world economy," Obama told a news conference at the close of the Group of 20 nations summit here.
"We do expect that as more and more market forces come to bear, that given the enormous surpluses that China has accumulated, that the RMB is going to go up, and it is going to go up significantly," he said. The yuan is also called the RMB or renminbi.
"So we are going to be paying attention over the next several months to make that determination," he said.
Obama also said the global economic recovery was fragile and urged countries not to rush to the exits on their efforts to stimulate growth.
Reuters
