June 27, 2010 / 10:16 PM / 10 years ago

Obama: Global recovery requires level playing field

U.S. President Barack Obama delivers remarks during a news conference at the end of the G20 Summit in Toronto June 27, 2010. REUTERS/Jason Reed

TORONTO (Reuters) - President Barack Obama said on Sunday it was important for global growth that there be a level playing field, and that involves market-driven currency policies.

Obama also mentioned China’s move toward more currency flexibility at a news conference at the close of the Group of 20 summit in Canada.

“A strong and durable recovery also requires countries not having an undue advantage. So we also discussed the need for currencies that are market-driven,” Obama said. “As I told President Hu yesterday, the United States welcomes China’s decision to allow its currency to appreciate in response to market forces.”

Reporting by Caren Bohan and Alister Bull; editing by Peter Galloway

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