Obama Presses Hu on Yuan’s Value as Trade Imbalances Divide G-20

President Barack Obama pressed his Chinese counterpart Hu Jintao on allowing faster currency appreciation to help narrow trade imbalances that threaten to trigger protectionism and imperil the global economic recovery.

“The bulk of the meeting” dealt with exchange rates, White House press secretary Robert Gibbs told reporters in Seoul after the two leaders met for 80 minutes at the Grand Hyatt Hotel. Hu reiterated his commitment to move forward on the issue and noted “the movement in the currency” thus far, said Lael Brainard, the Treasury Department’s undersecretary for international affairs.