China will not be forced on yuan

China will chart its own course in reforming the yuan, President Hu Jintao told President Barack Obama yesterday, reinforcing the view that Beijing is likely to tip-toe, not leap, toward appreciation. The two heads of state, meeting for the first time since Sino-US tensions over the yuan threatened to escalate into a serious trade dispute, chose their words carefully and, in the view of investors, left the door open for Beijing to resume appreciation in the coming weeks. Hu said China would not be pushed by external pressure and would instead base any decision on the yuan on its own economic needs.