Obama to press Hu on yuan at November summits: Treasury

Reuters News
Posted: Oct 25, 2011 2:36 PM
Obama to press Hu on yuan at November summits: Treasury

WASHINGTON (Reuters) - President Barack Obama will press Chinese President Hu Jintao for faster action to revalue China's currency in a series of international summits in November, a top U.S. Treasury official said on Tuesday.

The upcoming leader meetings of the Group of 20 countries, the Asia Pacific Economic Cooperation forum and the East Asian summit give Obama "an opportunity to continue to press this issue with President Hu," U.S. Treasury Under Secretary Lael Brainard told a congressional panel at a hearing.

"So we want to give those processes a chance to move forward," Brainard said, explaining why the Treasury Department had delayed a semi-annual report due on October 15 on the currency practices of major trading partners.

Many lawmakers believe the Obama administration should formally label China a currency manipulator in that report, but it has not done that in five previous reports.

She said the summits would be done by mid-November, clearing the way for Treasury to issue the report then.

(Reporting by Doug Palmer; Editing by Sandra Maler)