US National Security Adviser Thomas Donilon said the Obama administration seeks more appreciation in China’s currency by the time President Hu Jintao visits Washington in January.
“It will be an important time to look at exactly what the quantum of progress has been on this,” Donilon told reporters at the Asia-Pacific Economic Cooperation forum in Yokohama, Japan. President Barack Obama is attending the summit, as is Hu.
Obama yesterday said at the end of the Group of 20 meeting in Seoul that the yuan “is undervalued.” China’s currency has risen about 3 per cent against the dollar since June 19, when China said it was allowing a resumption of appreciation that was frozen in 2008.
“The Chinese have indicated that this is their plan” to let the yuan rise, Donilon said.
“The pacing of this is obviously a sovereign decision.”