US President Barack Obama again urged Hu Jintao to allow the Chinese currency to appreciate as new data from Beijing shows China’s foreign exchange reserves are growing at a slower rate, the Financial Times reported. "The president reaffirmed his view that it is important for a sustained and balanced global economic recovery that China move toward a more market-oriented exchange rate," said Obama’s top Asia advisor, Jeff Bader. The People’s Bank of China said Monday China’s forex reserves increased US$47.9 billion to US$2.4 trillion in the first quarter, against a US$126 billion rise in the fourth quarter last year. The two leaders held a meeting for an hour and a half in Washington DC where the US is hosting a nuclear security summit; the two countries agreed to increase pressure on Iran over its nuclear program.
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