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Lew says moving to market-determined FX rate crucial for China

Published on Jul 9, 2014 10:06 AM
 
US Secretary of State John Kerry (centre) talks with US Treasury Secretary Jack Lew (left) and US  Ambassador to China Max Baucus as they stand in front of a Chinese flag while touring the Badaling section of the Great Wall of China in Beijing, on July 8, 2014. United States Treasury Secretary Jack Lew said on Wednesday that moving to a market-determined exchange rate will be a crucial step for China, as the two countries began annual high-level talks. -- PHOTO: REUTERS

BEIJING (Reuters) - United States Treasury Secretary Jack Lew said on Wednesday that moving to a market-determined exchange rate will be a crucial step for China, as the two countries began annual high-level talks.

"We support China's efforts to allow the market to play a more decisive role in the economy and rely more on household consumption to drive China's economic growth. Moving to a market-determined exchange rate will be a crucial step," he said.

"We welcome this commitment and China's economic growth. A prosperous China that grows in a way that is consistent with international rules and norms will contribute to the strong, sustainable and balanced growth of the global economy."

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