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U.S. calls on China to ease currency controls

2014/05/13 14:22

BEIJING, May 13 (Yonhap) -- U.S. Treasury Secretary Jacob Lew urged China Tuesday to relax tightly-controlled rules for the exchange rate of its yuan currency and lower investment barriers for foreign companies.

China's ruling Communist Party has strictly controlled the politically sensitive exchange rate of the yuan, while critics accuse Beijing of keeping the currency undervalued in favor of its exporters.

"It is important that China demonstrate a renewed commitment to move to a more market-determined exchange rate which will help provide for more balanced domestic growth and global trade, while also moving to a more transparent exchange rate policy," Lew said before a meeting with Chinese Vice Premier Wang Yang in Beijing.

The U.S. treasury secretary is on a three-day visit to China and is scheduled to meet Chinese Premier Li Keqiang later Tuesday.

In his statement released by the U.S. Embassy in Beijing, Lew said, " As China's economy continues to grow, it is important that China do so in a way that is fair, balanced, and consistent with international trade rules."

   "This includes opening up China's market to foreign investment, ensuring a level playing field for all firms, strengthening enforcement of intellectual property rights, and protecting against trade secret theft," Lew said.