Obama fired back, saying the yuan had appreciated during his time in office “because we have pushed them hard, put unprecedented trade pressure on China, and that will help create jobs here.”
Critics in the United States and other developed economies accuse Beijing of deliberately devaluing its currency to boost its exports, devastating the manufacturing industry elsewhere.
The Obama administration has repeatedly urged Beijing to let the yuan appreciate, but has stopped short of declaring China a currency manipulator – a designation that could trigger sanctions and perhaps an all-out trade war.
The Chinese yuan hit a record high against the US dollar on Friday – 6.2640 to the greenback – in what analysts said could be a response to US political pressure.
The world’s two biggest economies have lodged a number of complaints against each other in the World Trade Organization – part of Washington’s bid to use trade rules to tamp down China’s huge bilateral trade surplus.
Romney did not shy away from the issue of his own foreign investments.
“Any investments I have made over the last eight years have been by blind trusts and they include investments outside of the United States, including Chinese companies,” the Republican White House hopeful said.
He then challenged the president. “Have you looked at your pension?” he said, adding that Obama too has investments in China.
“I don’t look at my pension,” Obama shot back. “It’s not as big as yours. I don’t check it that often.”
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