Yuan Retreats From 17-Year High After Hu Jintao Meets Obama
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The yuan fell from a 17-year high after President Hu Jintao deflected criticism of China’s exchange-rate policy at a meeting with U.S. counterpart Barack Obama in Washington yesterday.
At a joint news conference with Hu after the meeting Obama said that while China had allowed the yuan to strengthen, it hadn’t done so fast enough. The U.S. has accused China of artificially weakening its currency to benefit its exporters.