The one-hour meeting with Obama is one of seven bilateral meetings on Hu’s agenda,, the two will discuss climate change, Iran and the bilateral strategic dialogue mechanism.

Last week central bank governor Zhou Xiaochuan proposed to replace the dollar with an alternative world reserve currency – a strong challenge to the current economic order, made more intriguing by the fact that the proposal was put forward by China, the largest holder of U.S. Treasuries. And earlier this month Premier Wen Jiabao said he was worried about China’s dollar holdings, and urged the U.S. to preserve its credit standing as it tries to spend its way out of the worst financial crisis since the Great Depression.

Hu will also meet British Prime Minister Gordon Brown and Russian President Dmitry Medvedev on April 1. On April 2, Hu will hold bilateral meetings on the sidelines of the G20 Summit with Japanese Prime Minister Taro Aso, Brazilian President Luiz Inacio Lula da Silva and Australia’s Prime Minister Kevin Rudd.  

Hu will meet South Korean President Lee Myung-Bak on April 3, before returning home.  

Participants in the London summit on April 2 hope to reach a consensus on how to revitalize the global economy. Leaders will discuss how best to manage fiscal stimulus programs, reform the financial system and international currency regimes, and the need to avoid resorting to protectionism.