Treasury Secretary Jacob J. Lew urged China to let its currency appreciate further and expressed confidence the world’s second-largest economy has the tools to manage a frothy real-estate market.
Speaking before a key U.S.-China economic meeting next week, Lew said he’s frustrated with the pace of policy changes, particularly to the exchange rate, market access for U.S. businesses and cyber security.
The yuan has declined 2.4 percent against the dollar so far this year, and Lew said more progress needs to be made letting markets determine its worth because preventing an appreciation hurts Chinese consumers as well as American exporters.
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Kasia Klimasinska and Ian Katz, Bloomberg News via CHINA US Focus http://ift.tt/1qhirh5
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