US Treasury Secretary Jack Lew urges China to keep moving to a market-oriented exchange rate

US Treasury Secretary Jack Lew has said that China has to continue moving toward a more market-oriented exchange rate.
US Treasury Secretary Jack Lew has said that China has to continue moving toward a more market-oriented exchange rate.PHOTO: REUTERS

BEIJING (Reuters) - United States Treasury Secretary Jack Lew said on Sunday (Feb 28) that it was critical for China to continue moving toward a more market-oriented exchange rate and clearly communicate its actions to the market.

Mr Lew made the remarks during a meeting with Chinese Vice-Premier Wang Yang in Beijing, following a Group of 20 finance ministers'summit in Shanghai.

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

Mr 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.