White House encouraged by China’s flexibility on currency but keeps an eye on implementation
By APMonday, June 21, 2010
White House monitoring China’s currency promises
WASHINGTON — The White House says it is encouraged by China’s promise to allow flexibility in its exchange rate but cautioned the real test will be how well the pledge is enacted.
China on Monday began following through on its new commitment to let its currency appreciate, following charges that the yuan has long been undervalued.
The change could provide help to U.S. manufacturers by making their products more competitive.
White House spokesman Bill Burton said “we’re obviously encouraged” but added the administration is monitoring the implementation.
Burton said currency will still be a topic at the G-20 summit in Canada this weekend.
He said leaders are striving for a durable economic recovery and “currency will certainly be a part of that discussion.”
