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Obama to target yuan again

By Yang Jingjie (Global Times)

09:01, November 11, 2011

Chinese President Hu Jintao has a meeting with his U.S. counterpart Barack Obama in Cannes, France, Nov. 3, 2011.(Xinhua Photo)

The White House revealed Wednesday that the US would confront China over the yuan appreciation issue during the Asia Pacific Economic Cooperation (APEC) summit in Hawaii this weekend, but analysts warned that such an action would be futile.

"I'm sure that President Barack Obama will be raising with his Chinese counterpart, Hu Jintao, the broader need for global growth that is supported by demand in China and other emerging economies. Currency is a part of that picture," Ben Rhodes, Obama's deputy national security advisor, said during a press briefing at the White House.

"They have taken steps on currency, but, again, we don't believe that those are sufficient," Rhodes added.

The US president will host Hu in Honolulu, his birthplace, on Saturday on the sidelines of the summit, which is held under the theme of "seamless regional economy."

The value of the yuan is one of the major disagreements between the two sides. Washington has accused Beijing of deliberately keeping the yuan low to gain a trade surplus, but China rejects the claims and blames US restrictions on high-tech exports for fueling the imbalance.

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Chung at 2011-11-11175.140.147.*
Washington is not just double-standard but triple-standard!
  

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