China has not moved quickly enough on yuan: Obama

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HONOLULU, Nov 14 (BBC): US President Barack Obama has said that China is not doing enough to allow its currency to rise in value. Speaking at the Asia Pacific Economic Cooperation (Apec) summit in Hawaii, President Obama said China needed to follow the same rules as other nations. The value of the yuan has been a key point of conflict between the US and China over recent years. Earlier Sunday, the 21 Apec member nations agreed to increase trade to bolster global growth. However, Mr Obama warned that China's currency policy distorted global trade. The US President said most economists agreed that China's currency is undervalued by between 20 and 25per cent. He added that this makes US goods much more expensive in China, and Chinese good that much cheaper in the US - giving China an unfair trade advantage. "There has been slight improvement over the last year but it hasn't been enough," President Obama told a press conference at the end of the two-day talks in Honolulu. The leaders said in a statement earlier Sunday that Europe's fiscal crisis and natural disasters such as Japan's earthquake had strengthened the resolve to work more closely together. "We recognise that further trade liberalisation is essential to achieving a sustainable global recovery in the aftermath of the global recession of 2008-2009." However analysts said whether those promises were turned into action when the leaders returned home remained to be seen.