BEIJING (AP) — Chinese President Hu Jintao rebuffed U.S. calls to re-value China’s currency, telling President Barack Obama that any tinkering with the yuan will be done by Beijing in accord with domestic interests.
Hu defended China’s policy of pegging the yuan to the dollar at a Monday meeting with Obama in Washington and said changes to the exchange rate would not come from U.S. pressure.
“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. It won’t be advanced by any foreign pressure,” Hu said in remarks released by China’s Foreign Ministry on Tuesday. He said reform would come based on China’s “own economic and social development needs.”