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Mr_Hu - Mr Obama and Mr Hu Published We think President...

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Mr. Obama and Mr. Hu Published: April 13, 2010 We think President Obama made the right decision — for now — not to pick too public of a fight with China over its currency manipulation. The administration postponed a report to Congress due this week on Chinese monetary policy. After Mr. Obama met with President Hu Jintao of China in Washington on Monday, the White House made a low-key statement that Mr. Obama had pressed Mr. Hu on the need to “move toward a more market-oriented exchange rate” and played up China’s pledge of cooperation on sanctions for Iran. Beijing’s aggressive undervaluation of the renminbi is a serious problem for the American economy and the global economy. Going one on one is likely to backfire. The best hope for persuading China to change its ways is with sustained pressure from many countries. It will certainly make it harder for Beijing to hide behind claims of sovereignty and accusations of big power bullying.
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