Barack Obama, Currency | featured news

The Obama campaign has attacked Republican Mitt Romney this week for having investments in China, saying it is inappropriate for a presidential nominee to be investing so much money there. Former Ohio governor Ted Strickland (D), a campaign co-chairman, said it “defies logic.” “It may not be illegal, it may not be unethical, but it is unseemly,” he said in an interview. “It just leaves a bad taste in your mouth.”

The Obama administration backed away on Friday from a showdown with Beijing over the value of China's currency that would have caused new frictions between the world's only superpower and its largest creditor.

A letter in advance of a G-20 meeting warned of economic relapse if stimulus programs are withdrawn, and hinted that China’s currency remains too weak.

President Barack Obama said on Wednesday it was important to address currency rates with trading partners such as China to ensure U.S. goods were not facing a disadvantage.