China to follow its own path on yuan
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Chinese President Hu Jintao said Monday that China would firmly stick to the path of reforming its currency exchange rate formation mechanism based on its own economic and social development needs.
Hu said detailed measures for reform should be considered in the context of the world's economic situation, its development and changes, as well as China's economic conditions.
![Chinese President Hu Jintao (L) meets with U.S. President Barack Obama in Washington April 12, 2010. President Hu Jintao arrived in Washington on Monday to attend the Nuclear Security Summit slated for April 12-13. [Li Xueren/Xinhua]](http://images.china.cn/attachement/jpg/site1007/20100413/000cf1bdd03f0d2e195c30.jpg "Chinese President Hu Jintao (L) meets with U.S. President Barack Obama in Washington April 12, 2010. President Hu Jintao arrived in Washington on Monday to attend the Nuclear Security Summit slated for April 12-13. [Li Xueren/Xinhua]") |
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Chinese President Hu Jintao (L) meets with U.S. President Barack Obama in Washington April 12, 2010. President Hu Jintao arrived in Washington on Monday to attend the Nuclear Security Summit slated for April 12-13. [Li Xueren/Xinhua] |
"RMB appreciation would neither balance Sino-U.S. trade nor solve the unemployment problem in the United States," Hu told U.S. President Barack Obama.
The Chinese leader said his country does not intend to pursue a trade surplus over the United States.
China would like to take additional measures to increase imports from the United States, Hu said, urging the United States to loosen its export control over high-tech products so that exports to China could be increased.
He expressed the hope that trade frictions between the two countries can be solved through negotiations so that Sino-U.S. economic and trade cooperation can be maintained.
President Hu also said the advancement of Sino-U.S. economic and trade ties, an important part of the two countries' relations, would benefit not only China, but also the United States, as well as the world's economic development.
"At present, the world economy is at a critical moment for further revival, but still facing many uncertainties. Both China and the United States are facing difficult tasks of promoting economic growth, creating jobs, and changing economic development modes. We should strengthen cooperation and maintain international economic and financial stability under such circumstances," he added.
Hu and Obama met on the sidelines of the Nuclear Security Summit slated for Monday and Tuesday.
