China has agreed to reform its exchange rate policy,but said the move is based on its own needs and not influenced by pressure from other countries Chinese President Hu Jintao in his meeting with President Barrack Obama on the sidelines of the on going Nuclear Security Summit,(NSS) in Washington on Monday told his US counterpart that China is determined to go ahead with the reforms on the exchange rate policy but the move is based on China's needs,not pressure from other countries. "Hu said China is determined in pushing forward reform on the exchange rate formation system of the Renminbi," a press statement issued by the Chinese Foreign Ministry here said. "It (the reform) 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 it forward under outside pressure," it said. It was not clear whether Hu has outlined any road map in this regard but Washington has been pressuring China to let its currency Yuan to appreciate against dollar. China has been accused of keeping Yuan deliberately undervalued to benefits its burgeoning exports.
