Hu Jintao has maintained the tricky balance of asserting Beijing's right to set exchange rate policy while avoiding open conflict with the US over one of the most sensitive issues in international diplomacy.
“China will firmly stick to a path of reforming the yuan's exchange rate formation mechanism,” the Chinese president said at the nuclear security summit in Washington, according to China's official Xinhua news agency. But he insisted that a move by Beijing “won't be advanced by any foreign pressure”, the agency reported.
Mr Hu's task – managing domestic sentiment while attempting to find a workable compromise – was evident in one of the main issues between the powers at the summit: imposing sanctions on Iran. Barack Obama, US president, has to find a similar balance.