Mr. Obama says the yuan is undervalued. He also said he believes China will continue to make progress on the issue.

BARACK OBAMA: "Letting currencies reflect market fundamentals, allowing your currency to move up and down depending on the role that you’re playing in the international trading system, is the best way to assure that everybody benefits from trade rather than just some."

Chinese President Hu Jintao and German Chancellor Angela Merkel at the G-20 dinner at the National Museum of Korea

G-20 leaders say their Seoul Action Plan will help further strengthen the global economy. Stephen Schwartz is an economist at the Spanish investment bank BBVA in Hong Kong.

STEPHEN SCHWARTZ: "It should help ease some of the recent rhetoric and tensions over currency issues and imbalances for a little while. I stress a little while because as long as we have this very unbalanced global recovery we are going to get periodic tensions in policy setting."

After two days in Seoul, President Obama arrived in Japan. Leaders of APEC, the Asia-Pacific Economic Cooperation group, are meeting Saturday and Sunday in Yokohama.

The United States is leading the effort for a Trans-Pacific Partnership. This would cut import taxes for nine countries, including Japan. But Japanese farmers are fiercely opposed.

Last week, the United States central bank announced a plan to pump more money into the economy to support growth. Some Asian leaders and economists say the plan by the Federal Reserve could send a flood of dollars into Asia. They say prices could rise quickly and form "bubbles," whose collapse could cause another financial crisis.