US political heat on China intensified yesterday after Barack Obama, president, raised the issue of a weak Chinese currency a day after the US Senate condemned cyberattacks on Google.
Speaking to Senate Democrats yesterday, Mr Obama warned that the US should not back down from trade with China.
“For us to close ourselves off from that market would be a mistake,” he said. But he added that currency rates needed to be addressed internationally “to make sure our goods are not artificially inflated in price and their goods are artificially deflated in price”.
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