US President Barack Obama said that he expected the renminbi to rise "significantly" against the US dollar, Reuters reported. Speaking at the G20 summit in Toronto, Obama noted that the US was not surprised by the currency’s relative lack of movement since the People’s Bank of China announced last week that it had decided to pursue a more flexible exchange rate policy. "We didn’t expect a 20-percent revaluation in a week. That would be disruptive to the Chinese economy. It would be disruptive to the world economy," he said. Also at the G20 meeting, President Hu Jintao accepted Obama’s invitation for a formal state visit to the US. The timing of the visit has not yet been set.
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