Goldman's O'Neill says yuan move is a 'masterful stroke' to buy time

“It's pretty astute timing,”O'Neill said in a Bloomberg Television interview in London Monday. “The timing of it is clearly aimed at the G-20 meeting, which indirectly links to the whole renewed thrust in Congress with protectionist steps against China.”

U.S. lawmakers such as New York Democrat Senator Charles Schumer have called on President Barack Obama to take a tougher line on China, which had held the yuan at about 6.83 to the dollar since July 2008. A weak yuan gives Chinese exporters an unfair advantage over their U.S. competitors, according to Schumer.

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