Obama briefed on global financial markets developments -White House

Amid volatility in global financial markets, White House presses China to increase financial transparency and to move toward market-determined exchange rate system.

WASHINGTON, D.C., UNITED STATES (AUGUST 24, 2015) (NBC) – U.S. President Barack Obama has been briefed on developments in global financial markets, the White House said on Monday (August 24) after world stock markets plunged.

White House spokesman Josh Earnest said that the U.S. economy is strong and that U.S. officials continue to urge China to pursue financial reforms, including moving toward a more market-determined exchange rate for its currency.

“They should continue to pursue financial reform to increase exchange rate flexibility and to move rapidly toward a more market determined — a more market determined exchange rate system,” Earnest said. “That is a case that we have continued to impress upon the Chinese as being a priority of the United States.”