【明報專訊】AT their meeting Chinese President Hu Jintao and US President Barack Obama talked about the yuan's exchange rate. However, no information on their discussion of the issue was released in the wake of their meeting, and Xinhua quoted Hu as saying changes in the yuan exchange rate formation mechanism would not come of external pressure. One reading of this is that China still takes a firm stand on this issue. However, in our view, the revaluation of the yuan is no longer a dominant factor in Sino-US relations. The Hu-Obama meeting has ended the downturn in the two countries' relationship that set in when this year began. At it the two leaders set the keynote for Sino-US relations in the next stage.