The leaders of the world's two top economic systems met on Monday and one nation's monetary unit gained against its the other nation's currency, Bloomberg reports.
The Chinese renminbi gained against the U.S. dollar, ending two consecutive days of losses, after Chinese Premier Hu Jintao and U.S. President Barack Obama met in Seoul, South Korea and the Chinese leader said China will facilitate a more flexible exchange rate, according to the news service. The website of the Asian nation's foreign ministry noted China will allow the market to increase its role and encourage flexibility.
But the leader of the nation hosting the second-largest economy in the world said that the yuan's gains will not help the nation hosting the globe's top economy control the unemployment rate.
But the dollar's losses also were attributable to remarks from Ben Bernanke, chief of the U.S. Federal Reserve, noting on Monday during a speaking engagement that the creation of jobs is necessary via further rounds of monetary easing.
The world's reserve currency was performing near its lowest rate in a month early on Tuesday amid fallout from the Bernanke commentary, according to Reuters.
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