No Seoul settlement for US-China currency dispute

AP News
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Posted: Nov 01, 2010 6:15 PM
No Seoul settlement for US-China currency dispute

The Obama administration says a dispute over China's currency policy will not be settled at next week's Group of 20 economic summit in Seoul, South Korea.

Deputy National Security Adviser Mike Froman told reporters Monday that the White House does "not expect the China currency issue" to "be solved once and for all in Seoul."

U.S. lawmakers say that China's undervalued currency gives Beijing a trade boost by making Chinese goods cheaper in the United States and U.S. products more expensive in China. Froman says "this is an ongoing effort, not something that would be resolved conclusively by leaders in Seoul."