The President of the United States Barack Obama again called on China Thursday to rebalance the exchange rate of its currency in a direction "more in line with the market", in a speech devoted to exports broadcast by the White House.
"As I said before, if China moved towards a more market-compliant exchange rate, it would be an important contribution to global efforts to rebalance" supply and demand, "Obama said in these reports. Remarks he was to make in front of the American import-export bank in the middle of the day in Washington.
The exchange rate of the yuan, the Chinese currency, is one of the recurring subjects of discord between Beijing and the American officials, the latter accusing China of keeping it artificially low to benefit its exports.
China, for its part, has repeatedly refused to use the monetary weapon to distort competition.
"Countries with surpluses must stimulate local consumption and demand," said Obama, who reiterated his desire to double US exports over the next five years, a target set during his state of the economy speech. Union at the end of January and supposed to create two million jobs.
As such, he announced Thursday the creation of a working group on exports bringing together representatives of the State Secretariat, the Treasury, Agriculture, Trade and Labor, as well as other senior officials of the administration competent in the matter.
Mr. Obama also indicated that he was going to relaunch a "Presidential Council on exports" in charge of informing him on international trade, at the head of which he appointed the CEO of the aircraft manufacturer Boeing, Jim McNerney.
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