China and US clash over currency
China has retorted after the United States promised to "take a tougher line" with Beijing in regards to currency and trade. Barack Obama said yesterday that he would make sure unfair advantages were not being given by countries to their currencies against the dollar. US companies have complained that the Chinese Yuan is artificially undervalued to give Chinese industries a price advantage. A Chinese foreign ministry spokesman, Ma Zhaoxu, said the value of the Yuan was "not the main reason" for the trade surplus of China with the United States.
Source: Wikinews