Calcitrant on Currency

By November 18, 2009Trade

Los Angeles Times, “In China, Obama’s hosts show no signs of budging“:

Not only is the U.S. president coming away without any definable concessions, but the Chinese appeared to be digging in their heels.

On Tuesday, just hours after Obama stood with President Hu Jintao in the Great Hall of the People, praising China’s commitment to “move toward a more market-oriented exchange rate over time,” a senior Chinese official called a news conference across town to issue a rebuttal.

“We maintained a stable yuan during the financial crisis, which not only helped the global economy but also the stability of the world’s financial markets,” He Yafei, deputy foreign minister, said, adding that it was too soon since the worldwide financial crisis to talk about a change of strategy.

 

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