Article Dimisses Obama On China Currency

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BEIJING, Nov. 14 (UPI) — The United States should put its own house in order before chiding China on the currency issue, the official Chinese news agency Xinhua said.

A signed article in Xinhua dismissed as “a replay of scapegoating China for the economic woes of America’s own making” U.S. President Barack Obama’s comment that Beijing hasn’t done enough to revalue its yuan.

Obama’s comment came at a news conference after the weekend meeting of the leaders of the Asia-Pacific Economic Cooperation in Honolulu. The president had been quoted as saying while there has been “slight improvement over the last year” on the yuan appreciation, it hasn’t been enough.

“But he failed to mention the fact that the yuan has already appreciated by about 30 percent against the greenback in the past six years,” Xinhua said.

The article said Chinese President Hu Jintao in his meeting with Obama had said the yuan appreciation won’t help Washington solve its problems of trade deficits and unemployment.

“For the United States, it should put its house in order before chiding others,” the article said, adding: “Squeezing China, especially on the yuan, is an old trick in the run-up to U.S. presidential election.”

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