Obama presses China leaders to take responsibility of undervalued yuan

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Source: Bloomberg

Obama in his meeting with Chinese President Hu Jintao emphasized the importance of fair trade. US accuses China for boosting its trade surplus by keeping yuan artificially low thereby creating competitive disadvantage for US companies. Chinese Foreign Ministry in response issued a release claiming that US unemployment and trade deficit is not caused by the undervalued yuan and its appreciation won't solve US difficulties.

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Mon, 14 Nov 2011 07:59:37 GMT

Asian stocks climb as Berlusconi officially resigns

On Monday Asian markets advanced as Italy approved the austerity measures and appointed a new government leader Mario Monti lessening investor fears of enduring Eurozone debt crisis.  Japan's Nikkei Stock Average added 1.1%, Hong Kong's Hang Seng Index rose 2.4% while Shanghai Composite Index climbed 1.6%. South Korea's Kospi gained 2.3% and Australia's S&P/ASX 200 index increased at a slowest pace reaching 0.2%.  

Mon, 14 Nov 2011 10:12:53 GMT

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