News / Asia

Obama Urges China to Act on Currency

Kent Klein

An aide to U.S. President Barack Obama says the president has warned Chinese Premier Wen Jiabao that his government must do more to ease tensions over the value of China's currency.  

President Obama's top East Asia adviser, Jeff Bader, says economic issues occupied most of the leaders' meeting on the sidelines of the UN General Assembly in New York.

Bader described the tone of Thursday's meeting as candid, and said Mr. Obama talked about the importance of trade issues, and especially the currency issue.

In a meeting with reporters afterward, Bader said the president stressed that the U.S. is expecting more significant movement from China on the value of its currency.

"In the last few weeks, you have seen the president, the administration bring a couple of WTO cases against Chinese practices," said Jeff Bader. "So the president made clear, through that and in his meeting that he will protect US economic interests, and that we look for the Chinese to take actions.  If the Chinese do not take actions, we have other means to protect U.S. interests."

The U.S. says an increase in the value of China's currency would help reduce America's trade deficit with China, which was $145 billion in the first seven months of the year.

The day before meeting with Mr. Obama, Wen said allowing the Chinese currency to increase substantially would cause major turbulence in China.

According to Bader, the Chinese premier stated again Thursday his country's intention to continue reforming its exchange rate mechanism.

Bader said the U.S. had welcomed Chinese announcement last June that they would pursue a more flexible exchange rate policy, but that little action has followed.

"We were disappointed that there had not been much movement since, that this had consequences for the global economy and for the U.S. economy, and we look to see more rapid and significant re-evaluation in the months to come," he said.

On Capitol Hill, a House of Representatives committee is to vote Friday on legislation to allow U.S. officials to impose tariffs on Chinese products entering the United States.

President Obama and Premier Wen left the meeting promising further cooperation on economic and security issues.  They also said they were preparing for Chinese President Hu Jintao to make a state visit to the U.S. in the near future.  

You May Like

At Khmer Rouge Court, Long-Awaited Verdict Approaches

First phase of trial, which is coming to an end, has focused on forced exodus of Phnom Penh in 1975 - and now many are hopeful justice will be served More

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities More

Video Information War Rages Alongside Real One in Ukraine

Downing of Malaysian airliner, allegations of cross-border shelling move information war in war-torn country to a new level 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.
Information War Rages Alongside Real One in Ukrainei
X
Al Pessin
July 31, 2014 8:13 PM
The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Gazans in Shelled School Sought Shelter

Israel's air and ground assault against Hamas-led fighters in Gaza has forced many Palestinians to flee their homes, seeking safety. But safe places are hard to find, as VOA’s Scott Bobb reports from Jabaliya.
Video

Video Rapid Spread of Ebola in West Africa Prompts Global Alert

Across West Africa, health officials are struggling to keep up with what the World Health Organization describes as the worst ebola outbreak on record. The virus has killed hundreds of people this year. U.S. President Barack Obama and other world leaders are watching the developments closely as they weigh what actions, if any, are needed to help contain the disease.
Video

Video Michelle Obama: Young Africans Need to Embrace Women's Rights

U.S. first lady Michelle Obama urged some of Africa's best and brightest to advocate for women's rights in their home countries. As VOA's Pam Dockins explains, Obama spoke to some 500 participants of the Young African Leaders Initiative, a six-week U.S.-based training and development program.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.
Video

Video Study: Latino Students Most Segregated in California

Even though legal school segregation ended in the United States 60 years ago, one study finds segregation still occurs in the U.S. based on income and race. The University of California Los Angeles Civil Rights Project finds that students in California are more segregated by race than ever before, especially Latinos. Elizabeth Lee reports for VOA from Los Angeles.

AppleAndroid