U.S. President Barack Obama said Monday that his country respects China's sovereignty concerning the Renminbi (RMB) exchange rate issue.

He said he hoped the two sides could find a solution through dialogue and cooperation.

Obama made the remarks in a meeting with Chinese President Hu Jintao on the sidelines of the Nuclear Security Summit slated for Monday and Tuesday.

The U.S. president said the whole world is paying close attention to the development of U.S.-China relations.

The strengthening of cooperation and the building of partnership between the two countries are not only in the interests of both countries, but also of the world, he said, adding that the two countries have already established powerful links, thanks to joint efforts.

Washington is willing to work with China to build even stronger ties through bilateral and multilateral dialogues and cooperation in such frameworks as the Strategic and Economic Dialogue and the Group of 20 (G20) summits, Obama said.

The United States also wishes to strengthen cooperation with China to seek solutions to global issues such as climate change, counter-terrorism and nuclear non-proliferation, he said.

Obama also pledged personal efforts in developing U.S.-China relations in the years to come.

Obama reiterated Washington's willingness to stick to the one-China policy, respect China's sovereignty and territorial integrity and its core interests, and address sensitive issues with due care.

The United States believes that a prosperous China will not only benefit China, but also is good for the United States and the entire world, Obama said.

Both countries should cooperate in the G20 framework to re-balance the world economy, he added.

Obama also wished to resolve the Iranian nuclear issue through diplomacy, and expected cooperation with China in this regard.