President Barack Obama called for the strengthening of US-China relations on Monday during the US-China Strategic and Economic Dialogue in Washington. Obama urged China to forge deeper ties with Washington on the economy, climate change and nuclear proliferation.

President Obama: “The United States respects the progress that China has made by lifting hundreds of millions of people out of poverty. Just as we respect China’s ancient and remarkable culture, its remarkable achievements, we also strongly believe that the religion and culture of all peoples must be respected and protected and that all people should be free to speak their minds. And that includes ethnic and religious minorities in China, as surely as it includes minorities within the United States.”

China is the world’s biggest holder of US Treasury bonds, which heightens Beijing’s influence over Washington. The Financial Times reports Chinese officials discussed on Monday a desire to “reform the international monetary system” in closed door meetings. In March, China’s central bank governor floated the idea of a new reserve currency to replace the dollar.