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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China's Hu speaks of gradual change on currency AP - 2 hours 33 minutes ago Send IM Story Print BEIJING – Chinese President Hu Jintao says the country will gradually adopt a floating exchange rate system, but it must be controllable and initiated by China itself. Hu's comments to a summit of China, India, Brazil and Russia were made Thursday but posted Friday on the Web site of China's Foreign Ministry. The comments are in line with what Chinese officials have been saying on the country's currency in response to pressure from the United States and other countries that want the yuan to be allowed to rise in value. China has kept its currency pegged to the dollar since the global financial crisis struck in 2008. But opinion within China's economic leadership is divided, and most analysts expect Beijing to let the yuan rise sometime this year. "After the global financial crisis started, we were faced with huge difficulties, but we kept the yuan exchange rate basically stable, promoting the stability of the global economic and financial system," the posted report of Hu's speech said. China on Thursday announced that growth in the world's third-largest economy accelerated to 11.9 percent in the first quarter. Such growth could help offset potential losses to China's exporters from any gains in the value of the yuan, enabling Beijing to go ahead with its widely expected but modest loosening of currency controls. A stronger yuan would raise Chinese consumers' buying power, but China is likely to move more gradually due to its leaders' reluctance to be seen as giving in to foreign pressure. An undervalued yuan makes Chinese goods cheaper for American consumers but hurts U.S. exporters by making their products more expensive in China. In a sign that China and the United States might be trying to cool their rhetoric in the dispute over China's currency controls, U.S. Treasury Secretary Timothy Geithner met with a Chinese vice premier in a brief visit to Beijing earlier this month to discuss economic ties. The Obama administration has also delayed a report to Congress that was due April 15 in which it had the option of citing Beijing as a currency manipulator, a designation that could lead to a World Trade Organization complaint and possible trade sanctions. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 1 hour 29 minutes ago Goldman Sachs charged with fraud by SEC Reuters - 1 hour 29 minutes ago BofA profit beats expectations, revenue lower Reuters - 1 hour 41 minutes ago Fed should exit easy policy "deliberately": Hoenig Reuters - 1 hour 49 minutes ago Home construction rises, consumer morale ebbs Reuters - 2 hours 2 minutes ago News Search Top Stories Goldman charged with fraud Brazil Amazon dam project gets new go-ahead Greece sets stage for possible EU-IMF bailout US housing construction picks up Greece lays groundwork for possible EU-IMF aid: PM More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Global temperatures hit 'hottest March on record' Obama sets new course to conquer the final frontier Hungry survivors await help after China quake New US jobless claims unexpectedly jump Obama 100 percent committed to NASA's mission More Most Viewed » Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation Junkies and junk-food addicts share craving mechanism Toad is a telltale for impending quakes: scientists More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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