Chinese leader vows open trade, stable currency

[Omaha Steve]

Source: AP

By ELAINE KURTENBACH

YOKOHAMA, Japan (AP) - Chinese President Hu Jintao said Saturday that his country will keep its markets open and seek more balanced trade, while gradually adjusting the value of its currency.

"The international community should oppose protectionism in all manifestations," Hu told a conference on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation forum.

Hu avoided any overt references to the frictions, diplomatic and economic, with the U.S. and Japan that cast a pall over the recent meeting of Group of 20 major economies.

He did say, however, that Beijing would seek a better balance in its trade and carry on with "stable and gradual" adjustments in the value of its currency, reiterating his country's usual response to complaints by the U.S. and some other trading partners that the yuan is undervalued, contributing to huge trade imbalances.

Read more: http://apnews.excite.com/article/20101113/D9JF3RNG1.html

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Chinese President Hu Jintao delivers remarks at the CEO Business Summit held on the sidelines of the APEC summit in Yokohama, Japan, Saturday, Nov. 13, 2010. (AP Photo/Shizuo Kambayashi)