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Obama says China must play by the rules

By REUTERS

NOVEMBER 13, 2011 01:08

HONOLULU - US President Barack Obama used an Asia-Pacific summit on Saturday to push back against China's trade practices, insisting Beijing stop poaching US intellectual property and allow its currency to rise.

Obama, under pressure to create jobs at home and eager to highlight US influence abroad, said an undervalued Chinese yuan was putting US businesses at a disadvantage and a change in the currency policy would help the global economy.

"What I have said since I first came into office and what we've exhibited in terms of our interactions with the Chinese is we want you to play by the rules. And currency is probably a good example," Obama said at a forum of global executives on the sidelines of the Asia-Pacific Economic Cooperation summit.

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