Obama Sharpens Yuan Criticism as G-20 Defers Trade Policy Action
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President Barack Obama attacked China’s policy of undervaluing its currency minutes after he and other Group of 20 leaders ended a summit that failed to agree on a remedy for trade and investment distortions.
“It is undervalued,” Obama said of the yuan, speaking to reporters in Seoul after the meeting concluded. “And China spends enormous amounts of money intervening in the market to keep it undervalued.”