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China is pushing back at criticism from U.S. President Barack Obama about Beijing’s currency and trade policies. Obama says Washington does not want China to take advantage of the United States. China’s foreign ministry responded hours later by saying Beijing’s economic policies were not the cause of U.S. financial woes.


Beijing denied President Barack Obama's claim China is manipulating the international currency and trade systems in its favor.

Chinese Foreign Ministry spokesman Liu Weimin strongly defended his government's currency and foreign investment policies.
Liu says far from trying to keep the yuan artificially low to benefit Chinese companies by making their products cheaper on international markets, Beijing is instead striving to manage a floating exchange rate. But he says Beijing will do so at its own pace.

Liu says even if the RMB does rise substantially in value, it will not solve the problems facing the United States.