WASHINGTON, D.C. (BNO NEWS) — 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 needs, state media reported.

According to a report carried by the state-run Xinhua newswire service, 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.

Yuan “appreciation would neither balance Sino-U.S. trade nor solve the unemployment problem in the United States,” Hu told U.S. President Barack Obama.

Hu also said the yuan’s appreciation could not solve the U.S. unemployment problem.

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