(VOVworld) – China’s President Xi Jin-ping arrived in Seattle on Tuesday, beginning his state visit to the US, at the invitation of President Barack Obama. During his stay in Seattle, President Xi will deliver a speech on China-US relations and meet with leaders of US enterprises. He will later visit Washington D.C. to meet with President Obama and attend a number of UN summits.

China’s President Xi Jin-ping speaks at a meeting in Seattle, September 22, 2015 (Photo: Reuters)

In an interview Tuesday with the Wall Street Journal, President Xi said China has been working to improve its market-based Yuan exchange rate system and recent devaluations of the Yuan were one of the measures. He said that given the complexities in the current international economic scene and financial market and the apparent divergence in market makers’ expectations of the future trend of the Yuan exchange rate, there has been a long-standing gap between the central parity and market exchange rate of the Yuan, adding that there is no basis for sustained depreciation of the Yuan.