WASHINGTON (Reuters) - White House spokesman Robert Gibbs said on Monday that President Barack Obama wants China’s yuan currency to be market-based.
“Each and every time that the president and this administration meets with the leadership in China, this issue’s brought up. It was brought up directly to them in Beijing by the president in November,” Gibbs said at a news briefing.
“The president has spoken repeatedly and recently that China’s currency must be market-based,” Gibbs said when asked if Washington had had any feedback from China on a weekend currency decision and to respond to criticism that the administration should take a tougher line on the issue.
Treasury Secretary Timothy Geithner on Saturday postponed a report due out on April 15 that could have branded China a “currency manipulator,” which in turn would ratchet up U.S. pressure for a big appreciation in the yuan’s value, which critics say is distorting trade flows.
Reporting by Patricia Zengerle, editing by Doina Chiacu