November 11th, 2010
04:50 PM ET

Currency manipulation tops G-20 agenda

President Obama shakes hands with South Korean President Lee Myung-bak Thursday at the G-20 summit.

A fierce debate over currency manipulation may be unfolding behind closed doors at the G-20 Summit in South Korea. Leaders from the nations with the 20 largest economies around the world are meeting in Seoul to discuss how to stabilize and grow the world's economy.

The United States is pressuring China to revalue the yuan at a higher rate relative to the US dollar. The U.S. believes China takes steps to set the value of the yuan artificially low, giving Chinese exports a competitive advantage.

CNN's Steve Kastenbaum takes a look at how currency manipulation affects the U.S. economy and how a change in the yuan's value could help and hurt Americans.

Listen to the full story here:

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Filed under: Economy • G-20 Summit • South Korea
soundoff (32 Responses)
  1. CaptainObvious

    Oh that's our buddy China! Selling us gold dipped tungsten! You guys are so crazy!

    November 11, 2010 at 5:05 pm | Report abuse |
  2. Jim Brieske

    Currency devaluation a part of the problem. There are 2 other problems just as big.
    President Obama blieves he has the right to print 600 billion dollars to give Wall Street a bailout without Congressional approval. Meanwhile China and others are saying it isn't fair the U.S. dollar is the world currency and President Obama just prints more whenever he needs more disregarding the fact it is stealing.
    The other problem is the rug needs to be pulled out from under China. We need to demand all chinese facories producing USA brand name products stop immediately. The factories dismantled and returned the the USA. This will take a year to transition and it'll be a big project.
    In the end Americans who are collecting unemployment and welfare will be put to work. Construction workers will be put to work sooner rebuilding the factories. An immediate 0% manufacturers tax rate will be established instead of the 35%. Taxes will be collected from all the new employees instead of other taxpayers money sustaining them.

    November 11, 2010 at 6:37 pm | Report abuse |
    • TheTruth

      Do you really think that moving those factories in China to the US will help? It might seem like its helping at first, but the Union's will make prices jump, and it will start all over again.
      What we need to do is stop controlling anything. We need to stop Bailouts! Who did it help? All the banks have done is taken that money and used it to give themselves a lifeboat. What we need to do is let weak companies fall, so that we can figure out a new way to fix the problem, and in return we will have better companies and more advances in quality of life. If we keep on reviving dying companies pretty soon we are going to need to be revived and there will be no one there to help US!

      November 11, 2010 at 7:47 pm | Report abuse |
  3. James Parker

    Jim, it was the Federal Reserve, not the President. They are beyond the control of the President. Read the Federal Reserve Act.

    November 11, 2010 at 7:03 pm | Report abuse |
  4. Jim Brieske

    James Parker. I don't care what that says. It's President Obama's idea and he is having it done. Now you can someone else has the authority to make the decision but that fuking hogwash. What are you some naive imbecile?
    Obama wanted it and Obama had it done. Do you think he actually cares about rules? He is a liar!
    People who lie breaks rules because lying itself is a form rule breaking.

    November 11, 2010 at 7:52 pm | Report abuse |
  5. Sailingwindward

    The US pulling out of free-trade, and outsourcing would solve most of the economic problems. Our trade deficit 1990-1999 1.5 trillion dollars, and 2000-2009 it quadrupled to $6.0 trillion dollars. Where do you think the jobs went? Data:

    November 11, 2010 at 8:33 pm | Report abuse |
  6. Jim Brieske

    Thetruth. Did I say they would be union? Do not put words in my mouth. They will not be union. This President is done.
    The companies are returning, I promise it. Prices will be comparable.

    November 11, 2010 at 8:42 pm | Report abuse |
  7. CaptainObvious

    Canada has a 5% manufacturing tax. The US has the highest from what I can tell. I think everything I've read from posters here would help. I would suggest making every company that wants to sell it's stuff to the US consumer produce that merchandise here. Mazda and Toyota produce it's cars here and that's fine with me. The US should be making Playstations and iPods as well since we are the largest purchaser of those goods. Free trade has not worked we need a fair trade agreement with countries that have no minimum wage or environmental standards.

    November 11, 2010 at 8:50 pm | Report abuse |
  8. Mehdi General Dr Bad

    just got a message from my ex wife the county clerk in jackson county oregon.
    i was right. she to has ben stabbing me in the back.
    she to along with all these other americna owmen from amriah and hiollary to her.
    yes you have now shown me true americ anw omen every day.
    thank you america.
    now as you go in debt and die.
    donot ask why.

    November 11, 2010 at 9:14 pm | Report abuse |
  9. Mehdi General Dr Bad

    americna owmen are filth. they have no Men Left.
    leh hummping dogs and cowards and drunks.

    November 11, 2010 at 9:15 pm | Report abuse |
  10. Mehdi General Dr Bad

    They block the word w/h/o//r/e

    November 11, 2010 at 9:18 pm | Report abuse |
  11. Mehdi General Dr Bad

    drunks, drug adictses, perverts, bullies, baby killers, war criminals and useles selfish lesbians.

    November 11, 2010 at 9:19 pm | Report abuse |
  12. Mehdi General Dr Bad

    Now get your fuking Troops out of IRaq or I wil kill them all.
    and tell my ex wives to join you as you rot in Hell.

    November 11, 2010 at 9:20 pm | Report abuse |
  13. Rita Tonucci aka Flowerchild

    Does anyone know why CNN posts & then quickly pulls liberal Democratic blogs- IS THIS FAIR JOURNALISM DOES ANYBODY KNOW IF CNN WENT 'SOLID CONSERVATIVE'- LIKE THE NEANDERTHALS, WHO BLAME EVERYTHING ON PRESIDENT OBAMA. OR HAS CNN's BOSS HAD ANOTHER NERVOUS BREAKDOWN-OR SOMETHING. POOR JANE-OH WELL I HAVE HER BROTHER'S 'FLOWER POWER' collection of 60's tunes. It's really cool. I highly recommend it.. Thanks-your friend Rita. AND, by the way, DEMOCRATS DON'T BE AFRAID TO CONTINUE TO KICK Republican butt!!! CNN will pull this comment soon after they post it; yet neo-nazi comments remain on their site for hours.

    November 11, 2010 at 9:36 pm | Report abuse |
  14. Rita Tonucci aka Flowerchild

    CNN NEWSTAFF Well I knew you'd pull my comment within 20 mins- while retaining the repub blogs. But it's not a prob(I'll tell you why) b/c I really, really had my Dem political operative pals watching on their computers- so be VERY CERTAIN that WE DEMS( my friends work on the big ballots) are one step ahead of CNN when it comes to yourJanuary spins regarding as how to fix our country and w/ which party CNN will be kissing up to.

    November 11, 2010 at 10:16 pm | Report abuse |
  15. duke

    Free trade and trickle down do not work!!point blank period..

    November 11, 2010 at 10:29 pm | Report abuse |
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