U.S. President Barack Obama and China's President Hu Jintao greet guests during a state arrival ceremony at the White House in Washington. (Susan Walsh/Associated Press) U.S. President Barack Obama said Wednesday during a press conference with China's President Hu Jintao that the Chinese currency is undervalued and should be more dictated by market forces.
Obama made the comment at the White House with the visiting Chinese leader.
"We’ll continue to look for the value of China’s currency to be increasingly driven by the market, which will help ensure that no nation has an undue economic advantage," Obama said.
The U.S. government and corporate community have often charged that the Chinese keep their currency low to give their products an advantage and make U.S. goods more expensive.
Hu said there are "some disagreements" between the two countries in the area of trade and commerce, but they would aim to resolve those issues. Hu did not elaborate on what he saw as those disagreements.
Obama also reaffirmed U.S. commitment to supporting human rights — another point of friction in relations with China. Obama said they agreed to continue talking on the issue, adding that the two countries can work together despite their differences.
At the start of a visit by the Chinese leader — a visit that will be long on formality — the White House rolled out the red carpet to welcome Hu to Washington for his first visit since 2006. Hu arrived in the U.S. capital on Tuesday and had a private working dinner with Obama and close aides.
"History shows that societies are more harmonious, nations are more successful and the world is more just when the rights and responsibilities of all nations and all peoples are upheld including the universal rights of every human being," Obama said during the formal welcome for Hu.
Hu said the U.S.-China relationship had become one of "strategic significance and global influence."
However, he added that they should "respect each other's choice of development paths and each other's core interests."
Those "core interests" were taken to mean China's claims on Taiwan and Tibet.
Hu will also finally get the full state dinner that he sought in 2006, but was denied by then president George W. Bush.
While Hu got a warm welcome at the White House, his arrival did bring some protests. In Lafayette Park, across the street from the White House, Tibetans and their supporters demonstrated against Hu's visit.
With files from The Associated Press
