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Last month, the US Senate, controlled by Obama's Democratic Party, approved a bill to impose punitive taxes on Chinese imports if the yuan is not revalued, drawing an angry response from Beijing.
ReplyDeleteObama, seeking re-election next year as many heartland Americans think they lost their jobs to lower-wage China, told President Hu Jintao at the APEC summit that Americans were "impatient" for a change in Beijing's economic policy.
But Hu said that a big rise in his country's exchange rate would not "solve problems faced by the United States," according to an account of the meeting posted on China's foreign ministry website.