Washington, Sep 21 (IANS) US President Barack Obama said Monday that China's rapid economic development is in the interest of US economy.

"It's good for us that China has done well," Obama said at a town-hall-style meeting telecast live on CNBC before heading to Pennsylvania to raise money for a Democratic Senate candidate, Xinhua reported.

His address is in line with US Secretary of Treasury Timothy Geithner's testimony to the Congress last Thursday.

"We have very significant economic interests in our relationship with China," Geithner said. "A strong and growing China benefits the United States, just as a strong and growing United States is good for China."

In responding to a question about China's currency issue, Obama said that China's currency is lower than the market says that it should be, but trade is in the benefit for both sides.

"I just want to make sure trade is good for American businesses and American workers," Obama said.

"We are going to continue to insist that on this issue, and on all trade issues between us and China, that it is a two-way street, " he said.

The Obama administration acknowledged that China's imports supported the global economy and contributed substantially to recovery around the world.

With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is the US' fastest-growing major overseas market.