G-20 rejects U.S. push on China currency
Top news: Meeting in Seoul, the G-20 agreed on a broad set of economic guidelines but rejected a a U.S. push to pressure China to revalue its currency. The final agreement commits G20 nations to curb deficits and move toward more flexible exchange rates.
The final language did not include a pledge to refrain from "competitive undervaluation" of currencies, a phrase that the United States had wanted included to show that the body was taking a strong stand against China's currency policies. It also included a suggestion to countries with widely used currencies like the United States to "be vigilant against excess volatility," a warning against loose monetary policy.
U.S. President Barack Obama said the agreement showed that the G-20 countries are in "broad agreement on the way forward." Acknowledging the watered-down nature of the final proposal, he said, "Instead of hitting home runs sometimes we're gonna hit singles. But they're really important singles."
It has been a tough visit for Obama, who also failed to secure a free trade agreement with South Korea on Thursday. The president now heads to Japan for the Asia-Pacific Economic Cooperation summit, the final stop on his Asian tour.
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