Obama: China has not done “enough” to revalue the yuan

U.S. President Barack Obama said Sunday that China had not done “enough” to revalue its currency despite a “slight improvement”. “There was a slight improvement since last year, but this is not enough,” said Obama at a press conference in Hawaii at the end of the summit Forum of Asia-Pacific Economic cooperation (Apec).

Trading partners of China have been demanding for years that Beijing revalue its currency, they say Beijing takes an unfair advantage of exports from undervaluation of currency. Washington also argues that a stronger yuan would support China’s imports and thus global growth.

Saturday by receiving one-on-one with his Chinese counterpart Hu Jintao, Obama said the American contractors were “excited” at the point of economic policy in Beijing. But Barack Obama has also noted: “Even if the yuan rose markedly, this would not solve the problems that the United States face,”

China, said Hu Jintao, will continue to liberalize its exchange rate regime, but only gradually.