President Obama is in China today as part of a weeklong tour of Asian nations. When he meets with government officials, Obama is expected to ask China to revalue its currency. China has long pegged its currency, the yuan, to the U.S. dollar, which means that when the dollar drops ? as it did last week ? the yuan does also. That ensures that Chinese-made goods remain consistently cheap when compared with American-made products. It’s got American manufacturers and some economists up in arms.
For a look at whether or not the president has any bargaining power with the single largest holder of American debt, we turn to David Barboza, Shanghai correspondent for The New York Times. Mary Kay Magistad, China correspondent for PRI’s The World, has the latest on a town hall meeting that the President held with Chinese students.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!