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June 25, 2022

Chinese president in high-profile U.S. visit

WASHINGTON – Chinese President Hu Jintao was due to arrive in Washington on Tuesday, a day before a high-profile meeting with U.S. President Barack Obama to discuss trade, currency and a host of other issues, including North Korea, CNN reported.

Chinese state media has reported that Hu will stress how a constructive, comprehensive partnership between the powers could be mutually beneficial and help ensure stability in Asia and worldwide despite differences between Beijing and Washing­ton.

In addition to Obama, Hu is also scheduled to meet with top legislators and business executives. After Washington, Hu will make a stop in Chicago. Wednesday’s meeting between the leaders of the world’s two largest economies has put the spotlight on criticism that the government-controlled People’s Bank of China artificially undervalues the yuan, bringing down the cost of Chinese exports, which would give it an advantage in the international market.

Last week, Treasury Secretary Timothy Geithner said China must do more to address its un­dervalued currency and dependence on exports, adding that such a move is in Beijing’s best interest because it will control inflation. Senate Democrats this week renewed their push to crack down on countries that manipulate their currencies, with China clearly in their crosshairs.

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