President Obama increased pressure on China to immediately revalue its currency on Thursday, devoting most of a two-hour meeting with China's prime minister to the issue and sending the message, according to one of his top aides, that if "the Chinese don't take actions, we have other means of protecting U.S. interests."

But Prime Minister Wen Jiabao barely budged beyond his familiar talking points about gradual "reform" of China's currency policy, leaving it unclear whether Mr. Obama's message would change Beijing's economic or political calculus.

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