Washington (CNN) - President Barack Obama welcomed Saturday's news that China's central bank will allow its national currency to float ahead of the G-20 summit in Toronto, Canada, next week.
In a statement issued Saturday, Obama praised China's decision to increase the flexibility of its exchange rate, which officials hope will help balance China's trade deficit with the United States and Europe.
"China's decision to increase the flexibility ... is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," the president said in the statement.
"I look forward to discussing these and other issues at the G-20 Summit in Toronto next weekend," he said.
i am glad china finally did the right thing and allowed their currency to foat because their undervalued currency not only made their exports cheaper but it cost america manufacturing jobs. The only problem is that all the jobs that were lost becuse of this are gone and won't come back.
Queue the Obamaphobes, who will somehow paint this as the President "bowing" to our enemies (like, you know, Japan and the UK). Of course if he hadn't won this concession they'd say he was a weak negotiator because of his lack of executive experience. (Unless you count a year and a half in the most powerful and difficult executive position on the planet, just short of the time Sarah Palin spent as the governor of a state with the population the size of the Boise, Idaho metropolitan area.)
Most people don't understand what affects our monetary value. Great job Mr. President.
I hope that it really does float fully and wipe out some of our debt to China. We need to learn to start making things ourselves again so that we don't rely on cheap crap from China.