WASHINGTON President Hu Jintao told his US counterpart Barack Obama that China is determined to push forward reform on the exchange rate policy but the move is based on China s needs, not pressure from other countries.
A press release from the Foreign Ministry issued after the meeting said Hu said China is determined in pushing forward reform on the exchange rate formation system of the Renminbi,
It is based on the needs of our own economic and social development. Concrete reforms will be considered according to the change of the world economy and the situation of China s economy, (we) especially will not push forward it under outside pressure.
