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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's yuan move too soon to judge: Obama AFP - Friday, June 25 Send IM Story Print China's yuan move too soon to judge: Obama WASHINGTON (AFP) - – US President Barack Obama has said it is too premature to determine the impact of China's limited currency reform although he viewed the move as "positive." Speaking ahead of his meeting Saturday with Chinese leader Hu Jintao on the sidelines of the G20 summit in Toronto, Obama maintained that the "undervalued" yuan provided China "with an unfair trade advantage." The United States "expect change," he said at a joint press conference with visiting Russian President Dmitry Medvedev. China announced Saturday that after nearly two years, it would virtually allow the yuan to climb against the dollar. The action was widely seen as a bid to head off rancor at the weekend G20 summit following international pressure on Beijing to embrace currency reforms as part of efforts to enhance global economic recovery. Obama agreed that China "made progress" with its decision to return to a "phased-in, market-based approach" to managing its currency. The "initial signs" were "positive" but it is too early to tell whether the yuan's appreciation was "sufficient to allow for the rebalancing that we think is appropriate," he said. Some experts say the yuan is undervalued against the dollar by up to 40 percent. Obama had said earlier that he wanted the currency issue to be discussed at the summit of the Group of 20 developed and emerging nations. China made its currency slightly flexible in 2005 and allowed the yuan to appreciate about 20 percent against the dollar. But three years later, it began to effectively peg the yuan at 6.8 to the dollar to support its exporters reeling from the global financial crisis. The daily movement of the yuan since Monday -- when the markets first reacted on the currency reform announcement -- has been minimally up and down, indicating that Beijing continued to keep a tight rein on the yuan. Unmoved by Beijing's action, US lawmakers have threatened to press ahead with legislation they said would treat "currency manipulation" as an illegal subsidy and enable US authorities to impose tariffs on Chinese goods. Obama skirted a reporter's question on whether the US would brand China a "currency manipulator" in a delayed semi-annual report to Congress -- a move that could also trigger sanctions. "I'm going to leave it up to (Treasury) Secretary Tim Geithner to make a determination as to the pace (of the yuan's appreciation). He's the expert when it comes to examining the currency markets," he said. Obama said Washington "did not expect a complete 20 percent appreciation overnight" for the yuan "simply because that would be extremely disruptive to world currency markets and to the Chinese economy." The G20 summit and Chinas actions in the aftermath of the meeting will be critical in determining whether Washington will increase pressure on China or allow it more room to pursue its reforms cautiously, analysts at US think tank Stratfor said in a bulletin to clients. They noted that while the pace and magnitude of yuan fluctuations affected Chinas internal stability and its options were therefore limited, Washington was also not unequivocally seeking to ignite a conflict with Beijing, given its own domestic and foreign policy troubles. "Thus, significant concessions from China on currency -- not to mention on other topics, such as protection of intellectual property, liberalized government procurement practices and controversial indigenous innovation industrial policy -- could reduce the chances of the rift widening," they said. In Beijing, foreign ministry spokesman Qin Gang, reacting to lawmakers' demands for sanctions on China over the currency issue, said that a yuan appreciation would not solve the ballooning Chinese trade surplus with the United States. As part of a global rebalancing effort, G20 leaders have called for export-driven, surplus economies such as China to boost domestic consumption and for wealthier economies such as the United States to slash their massive debt and deficit. "We believe the appreciation of the yuan cannot bring balanced trade and cannot help the US solve its problems of unemployment, overconsumption and low savings," Qin told journalists. "We hope the US can reflect on the problems of its own economic structure, instead of playing blame games and imposing pressure on others." 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