China Agrees to Work With US on Iran Sanctions but won’t revalue currency

April 13, 2010

(ChattahBox) – President Obama and China’s President Hu Jintao have reached an agreement on pushing for sanctions over Iran’s nuclear program, according to The New York Times. If all goes according to plan, a resolution could be drafted in weeks. “They are prepared to work with us,” said the National Security Council’s Jeff Bader. “The two presidents agreed the two delegations should work together on sanctions.” However China has called on various parties to continue to step up diplomatic efforts and to actively seek effective ways to resolve the issue through dialogue and negotiation. Foreign Ministry spokesperson Jiang Yu told a regular press briefing Tuesday afternoon:

“China has always believed that sanctions and pressure cannot fundamentally resolve the issue, and dialogue and negotiation are the best ways.

The leaders also discussed the sensitive issue of the Chinese currency, which Obama believes is “purposely undervalued,” according to the Times, harming American exports while keeping Chinese products cheaper. However President Jintao resisted pressure telling President Obama, that it would “neither balance Sino-US trade nor solve the [US] unemployment problem”, Chinese official news agency Xinhua reported. However, Mr Hu indicated that the Chinese were preparing to change their policy on the yuan in their own time. The hour-and-a-half meeting came shortly after the announcement that Ukraine agreed to eliminate its nuclear materials—the first concrete success for the summit.


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