Hu fends off complaints on China's currency policy

Chinese President Hu Jintao fought back against complaints over Beijing’s currency policy on Thursday, telling a business audience in Washington that the Chinese economy had helped create 14 million jobs worldwide through its growing imports, the Financial Times reported. China’s export of "quality and inexpensive" products have also saved US consumers US$600 billion, Hu said, although he did not specify over what time period. Hu’s speech came after US congressional leaders complained during a morning meeting on Capitol Hill that the renminbi is undervalued. Cui Tiankai, one of China’s vice-foreign ministers, said Beijing’s currency policy "has not been substantially changed" as a result of the meeting between Hu and US President Barack Obama. Hu, who is on a four-day visit to the US, travels to Chicago for meetings on Friday that are expected to focus on business ties.