EVERETT, Wash. (Reuters) - Chinese President Hu Jintao on Wednesday stood firm against U.S. demands to significantly revalue China's currency as a way of reducing his country's vast trade surplus with the United States.
Speaking at a Boeing Co. facility north of Seattle on the eve of a White House summit with President George W. Bush, Hu said he wanted to make foreign-exchange markets more efficient. But he said China was not ready for a drastic change in the value of renminbi currency, also known as the yuan.