Obama welcomes Beijing's move on yuan

21-06-2010

The US president, Barack Obama, has welcomed the announcement by the People's Bank of China that it is to gradually allow the exchange-rate of the yuan to become more flexible.

He called it a constructive step that could help boost global economic recovery.

Earlier IMF Chief, Dominique Strauss-Kahn, said it was a welcome development whilst US Treasury Secretary, Timothy Geithner, said he looked forward to working with China to strengthen recovery.

Beijing has drawn much criticism - particularly from the United States - for keeping the yuan linked to the dollar and one leading Democratic party senator, Chuck Schumer, has described the announcement as vague and a typical Chinese response to pressure. He said legislation against the yuan would still go forward.


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