Hu Jintao: RMB Exchange Rate Reform Will Not Yield To External Pressure.

When President Hu Jintao met with us president Obama in Washington on 12 th, he talked about the economic and trade relations between the two countries. Hu Jintao pointed out that the appreciation of the RMB can not solve the problem of Sino US trade imbalance, nor solve the employment problem of the United States.

China has no intention of seeking a favorable balance of trade with the United States, and is willing to take further measures to increase imports from the United States and promote trade balance between the two countries.

We hope that the US side will expand its exports to China, especially the US side as soon as possible to relax restrictions on the export of high-tech products to China.

It is hoped that the two sides will properly handle bilateral economic and trade frictions through equal consultation and jointly safeguard the overall situation of Sino US economic and trade cooperation.

Hu Jintao stressed that the direction of China's reform of the RMB exchange rate formation mechanism is unwavering.

This is based on the needs of our own economic and social development.

Specific reform measures need to be considered in the light of the development and changes of the world economic situation and China's economic operation.

Especially not under external pressure.