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President Obama at the G20Before the start of the G20 meeting in South Korea, President Obama got off to a difficult start when he failed to reach a trade deal that had been in the works since the previous Ex United States President Bush administration. It’s said that negotiating staffs of the two countries will continue to work on the trade deal.
After meetings that stretched into the night, leaders struggled to reach a compromise agreement to address trade and currency imbalances.
The China - U.S standoff is apparent as China rejected criticism of its exchange rate regime and shot back at the U.S. on its latest round of quantitative easing.
President Obama and Hu spent most of their talks discussing exchange rates before attending a dinner with other leaders, it is reported.
China was committed to reforming the yuan exchange rate regime, Ma Zhaoxu, Chinese delegation spokesman, told reporters last night. China was committed to reforming the yuan exchange rate regime, Ma said. It would be an “incremental process” that required a “sound” global economy, he said.
China’s record US$28 billion trade surplus with the U.S. in August made it extremely vulnerable.
On the positive side, negotiatiors told the press that progress was made on currency and current account issues and there seemed positive momentum for an agreement on these two issues.
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