Washington, Sep 22 (DPA) US President Barack Obama has stepped up his criticism of China’s currency policy and could address the issue when he meets later this week with Chinese Premier Wen Jiabao, the White House said Tuesday.
Obama earlier this week said China had not done enough to allow its yuan currency to rise. Other US administration officials have directed similar complaints at China’s currency in recent weeks.
In June, China pledged more exchange-rate flexibility that would allow the yuan to appreciate. The US and European Union argue the currency remains significantly undervalued, giving China an unfair trade advantage by making its products cheaper in global markets.
Obama said Monday that China had ‘said yes in theory’ to appreciation, ‘but in fact they have not done everything that needs to be done’.
‘Its currency is valued lower than market conditions would say it should be,’ Obama said at a townhall meeting hosted by business network CNBC.
White House spokesman Robert Gibbs suggested Tuesday that the issue would come up when Wen and Obama meet later this week on the sidelines of a UN summit in New York.
‘It is obviously an issue of concern, … and I anticipate that it will be one of the many issues that’ll be brought up this week as well,’ Gibbs said.