By Chris Buckley and Matt Spetalnick
WASHINGTON (Reuters) - U.S. President Barack Obama pressed Chinese President Hu Jintao on Wednesday to let the value of China's currency rise and sought cooperation in dealing with nuclear standoffs with North Korea and Iran.
Obama, speaking at a news conference with Hu, touted the mutual benefits of the U.S.-China partnership after the two countries unveiled $45 billion (28 billion pounds) in export deals that seemed to be aimed at papering over deep rifts about trade and security.
"We've shown that the United States and China, when we cooperate, can receive substantial benefits," Obama said with Hu standing at his side.
Obama wasted little time in zeroing in one of the most sensitive disputes between the two countries, telling Hu that China's yuan currency remains undervalued.
"There has to be further adjustments in exchange rates," he said.
Obama said he and Hu "agreed that North Korea must avoid further provocations" and that international sanctions on Iran must be fully enforced.
Hu said China "will work with the United States and other countries to effectively address global challenges such as meeting the climate challenge, terrorism, transnational crime, energy and resource security, food security, public health security and serious national disasters."
COOPERATION AND FRICTION
Amid the pomp of a state visit, Obama and Hu vowed to seek common ground as they launched talks aimed at easing the strains of the past year over North Korea, economic imbalances, human rights, Taiwan, Tibet and a host of other issues.
Welcoming Hu to the White House, Obama hailed the event as a chance to demonstrate that the world's two biggest economic powers "have an enormous stake in each other's success."
"Even as our nations compete in some areas, we can cooperate in others," Obama said at the choreographed welcoming ceremony. "Let us seize these possibilities together."
Speaking later to a group of U.S. and Chinese business leaders, Obama pressed for a level playing field with China on trade, while Hu made the same appeal for Chinese companies operating in the United States.
The two countries used the summit to unveil a series of deals, including China's purchase of 200 Boeing aircraft. U.S. officials said the $45 billion in deals would support an estimated 235,000 American jobs.
China may hope the deals can help soothe the U.S. public's ire over job losses and trade deficits. Obama wants the visit to help highlight his efforts to boost the struggling U.S. economy and cut unemployment persistently above 9 percent.
(Additional reporting by Jeff Mason, Ross Colvin, Caren Bohan in Washington, Ben Blanchard and Sui-Lee Wee in Beijing; Editing by John O'Callaghan)
