Obama’s ‘deal’ with China is oversold | Mark Weisbrot
US pressure hasn’t changed China’s views on currency – and it is not interested in US efforts to ‘isolate’ Iran
The United States and China seem to have reached an agreement with regard to the exchange rate between their two currencies. The agreement is that the US government will stop yelling about it, and China will do whatever it wants to do, which will probably include some modest rise in the yuan some time in the near future.
This agreement was seen in the statements from both parties during the nuclear summit held in Washington over the past few days. “China rightly sees the issue of currency as a sovereign issue,” said President Obama in response to a question about his meeting with…
Link to original post: http://www.guardian.co.uk/commentisfree/cifamerica/2010/apr/14/china-us-currency-iran
