…getting no credit for it.
President Barack Obama hailed a decision by the Chinese government over the weekend to allow its currency to fluctuate more freely with market forces.
Obama and Treasury Secretary Tim Geithner both welcomed an announcement by China’s central bank that it would allow greater exchange rate flexibility for the yuan, which is pegged against the value of the U.S. dollar.
“China’s decision to increase the flexibility of its exchange rate is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy,” Obama said in a statement. “I look forward to discussing these and other issues at the G-20 Summit in Toronto next weekend.”
This will help our economy.
