BEIJING (MNI) - U.S. President Barack Obama praised China's efforts to reform the yuan exchange rate, saying that they have helped to solve the bilateral trade imbalance, the Chinese Ministry of Foreign Affairs said Wednesday.

The foreign ministry release did not provide any further details about the discussion on foreign exchange reform between Obama and Premier Wen Jiabao, who met in Beijing this morning.

"China's reform of the renminbi exchange rate mechanism has helped to solve the trade imbalance problem between the two countries. The U.S. appreciates this and is willing to properly handle bilateral trade friction and avoid damaging the Sino-U.S. relationship," the ministry quoted Obama as saying.

Obama reportedly also said that the U.S. is aware of Chinese concerns about U.S. export controls on high-tech goods and is willing to take measures to boost shipments to China.

Wen reportedly told Obama that China does not seek a trade surplus with the U.S.

Obama said in a statement Tuesday that he emphasized in discussions with Chinese President Hu Jintao the importance of allowing the yuan exchange rate to appreciate to help rebalance the international economy.

However, it is unclear what, if any, commitment to renewed exchange rate reform the U.S. obtained from the Chinese. Hu made no comment on the exchange rate in his prepared remarks to the press.

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