Date
26 July 2017
US Treasury Secretary Jack Lew shakes hands with Chinese Vice Premier  Wang Yang in Beijing on Sunday. Photo: Reuters
US Treasury Secretary Jack Lew shakes hands with Chinese Vice Premier Wang Yang in Beijing on Sunday. Photo: Reuters

Keep moving toward market-led exchange rate, US urges China

US Treasury Secretary Jack Lew said it is critical for China to continue moving toward a more market-oriented exchange rate and clearly communicate its actions to the market.

Lew made the remarks during a meeting with Chinese Vice Premier Wang Yang in Beijing on Sunday, following a G20 finance ministers’ summit in Shanghai.

Earlier this month, Lew reiterated to Wang the importance of transitioning to a market-determined exchange rate in an orderly and transparent way.

Lew also urged Beijing to clearly communicate its exchange rate policies and actions to financial markets.

The world’s top economies declared on Saturday after the meeting that they need to look beyond ultra-low interest rates and printing money to shake the global economy out of its torpor, while renewing their focus on structural reform to spark activity.

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