White House: Obama briefed on markets, mindful of potential 'self-inflicted' wounds
U.S. officials want China to implement more financial reforms, like moving toward a more market-determined exchange rate for its currency, White House press secretary Josh Earnest said. The Chinese government's intervention throughout a recent stock market runup and selloff have drawn criticism from many market observers.
"They should continue to pursue financial reform to increase exchange rate flexibility and to move rapidly toward a more market-determined exchange rate system," he said.
Earnest also cautioned against "self-inflicted" wounds like budget squabbles in Congress that could disrupt economic momentum
