Dollar's dominance 'product of the past': Hu Jintao

Jan 18, 2011 |

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The era of a world currency system dominated by the US dollar is a "product of the past", Chinese President Hu Jintao said in interviews with US newspapers on the eve of a visit to Washington.

Hu is set to meet US President Barack Obama at the White House Wednesday.

In written responses to the Wall Street Journal and Washington Post, Hu said: "There is no denying that there are some differences and sensitive issues between us. We both stand to gain from a sound China-US relationship, and lose from confrontation."

Currency and trade issues will likely be among those discussed by the leaders. Washington has long called for China to introduce more economic reforms and allow the yuan's value to be determined by the market.

Under US pressure, China has begun to allow the yuan to appreciate against the dollar, and it has climbed by three percent since June.

But Hu said it was unlikely the yuan would be a reserve currency anytime soon. "It takes a long time for a country's currency to be widely accepted in the world," Hu said.

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