News / Asia

Obama, Hu to Discuss Chinese Currency

Multimedia

U.S. President Barack Obama is expected to discuss Chinese currency practices when he meets Saturday with Chinese President Hu Jintao at the G-20 summit in Toronto.

U.S. Commerce Secretary Gary Locke told frustrated lawmakers on the Senate Finance Committee that China's currency is undervalued, despite Beijing recently ending its peg to the U.S. dollar.

"The appreciation of the currency would do more to help the sale of U.S. goods, and it is essential to the world economic rebalancing that President Obama has supported and called for and urged the Chinese leaders in all of his face-to-face discussions with them," said Locke.

He added Treasury Secretary Timothy Geithner will be closely monitoring how far and how fast the Chinese let the currency appreciate.

Locke says the Commerce Department is considering requests in two cases brought on by U.S. firms to apply countervailing duties against China's currency.  The firms want the currency practices to be treated as an illegal subsidy.

Lawmakers in both parties were not impressed with China's recent move regarding the yuan, calling it just another distraction by  Beijing.  In the hearing Wednesday, they accused China of keeping the value of the currency artificially low to give Chinese-made goods a price advantage on world markets.

The committee chairman, Democrat Max Baucus of Montana, says he will reintroduce legislation that calls for the United States to take currency undervaluation into account when imposing anti-dumping tariffs.

"I think we [have] to start moving more aggressively in respect to currency.  My judgment is that China just took one little baby step and tried to get everybody off its back and that is not going to work.  We [have] to show that we are serious," he said.   

Senator Charles Schumer, a Democrat from New York, says he will press for a Senate vote on the legislation.

"If China appreciated its currency and moved toward a floating exchange rate, it would do more for jobs here in the United States than any single stimulus program that we could pass into law," said Schumer.

Commerce Secretary Locke says the Obama administration needs to work with Congress to make sure the U.S. economic relationship with China is more balanced and provides more benefits for American workers and businesses.

He says the global playing field will not be level unless China starts to take on a broader range of commitments that would bring it in line with the world's other large trading partners.

You May Like

Computer Crash Halts US Visa, Passport Operation

Problems with database have resulted in extensive backlog of applications, affected State Department's consular offices all over the world More

Migrant Issues Close to Home Spur Groups to Take Action

Groups placing water, food in the desert, or aiding detainees after release, have one common goal: no more deaths of migrants crossing illegally into the US More

World Bank: Boko Haram Stalls African Aid Projects

Islamist group’s terrorism sets back agriculture, health efforts in Cameroon, Chad and Nigeria More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Israel Targets Gaza Supply Tunnelsi
X
July 24, 2014 4:42 AM
The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video Israel Targets Gaza Supply Tunnels

The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video MH17's 'Black Boxes' Could Reveal Crash Details

The government of Malaysia now has custody of the cockpit voice and flight data recorders from Malaysia Airlines Flight 17, which was hit by a missile over Ukraine before crashing last week. As VOA's Carolyn Presutti reports, the so-called black boxes may hold information about the final minutes of the flight.
Video

Video Living in the Shadows Panel Discussion

Following a screening of the new VOA documentary, "AIDS - Living in the Shadows," at the World AIDS conference in Melbourne, a panel discussed the film and how to combat the stigma associated with HIV/AIDS.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video US Awards Medal of Honor for Heroics in Bloodiest of Afghan Battles

U.S. combat troops are withdrawing from Afghanistan, on pace to leave the country by the end of this year. But on Monday, U.S. President Barack Obama took time to honor a soldier whose actions while under fire in Afghanistan earned him the Medal of Honor. VOA's Jeff Seldin has more from the Pentagon.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.

AppleAndroid