Barack Obama
G20 leaders vowed Friday to avoid currency manipulation and trade protectionism, but bad blood between China and the United States blocked deeper progress in rebalancing the skewed global economy.
After a stormy two-day summit, the leaders of the world’s biggest, rich and emerging economies agreed to craft “indicative guidelines” to reorient imbalanced trade between surplus and deficit nations.
This is due to Chinese-led resistance to binding trade targets that was far less ambitious than sought by the United States, which is nursing a hangover from its worst recession since the 1930s.
US President Barack Obama renewed an offensive on the Chinese yuan, which critics say is kept deliberately cheap to support Chinese exporters at the expense of US jobs.
“It is undervalued and China spends enormous amounts of money intervening in the market to keep it undervalued,” Obama told a news conference in Seoul, continuing a jobs-themed Asian tour after a mid-term electoral drubbing.
Obama, Chinese President Hu Jintao and the other G20 leaders warned that “risks remain” to the global economy and said that “uncoordinated policy actions will only lead to worse outcomes for all.”
Source:http://www.punchng.com/Articl.aspx?theartic=Art201011132104237
No comments:
Post a Comment