Saturday, June 19, 2010
BBC News - Obama welcomes China's move towards flexible yuan
US President Barack Obama has welcomed China's announcement that it will allow the exchange rate of its currency, the yuan, to become more flexible.
Mr Obama called it a "constructive step", saying it would help boost the global recovery.
US politicians have long argued that the yuan is undervalued, giving China an unfair trade advantage.
The issue is expected to be raised at a summit of the G20 group of industrial and developing countries next week.
On Saturday, the Chinese central bank announced it would make its exchange rate mechanism "more flexible".
The bank said the proposed reform had been made possible by the global recovery. More...