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Report: Obama invites China's president for state visit

By the CNN Wire Staff

(CNN) -- U.S. President Barack Obama invited his Chinese counterpart for a visit, China's state media reported Sunday, amid lingering differences between the two powerful nations.

The two leaders met on the sidelines of a summit of 20 developed and emerging countries, state-run Xinhua said.

President Hu Jintao said China is working to increase imports from the country, according to state media.

U.S. officials have repeatedly asked China to allow its currency, the yuan, to rise faster to help boost Washington's economy.

Obama lauded China's announcement last week that it would allow its currency to appreciate.

"China's decision to increase the flexibility ... is a constructive step that can help safeguard the recovery and contribute to a more balanced global economy," Obama said.

Hu accepted the invitation offer, Xinhua reported. The Chinese leader said the two nations should use dialogue to deal with future frictions.