U.S. Treasury's Lew welcomes Chinese currency move

WASHINGTON, March 16 Sun Mar 16, 2014 12:10pm EDT

WASHINGTON, March 16 (Reuters) - The United States welcomed China's recent decision to allow its currency's value to vary more against the U.S. dollar, a Treasury spokesperson said on Sunday.

U.S. Treasury Secretary Jack Lew spoke on Saturday evening by phone with Chinese vice-premier Wang Yang in a previously-scheduled call, the spokesperson said.

"Lew welcomed China's recent announcement to widen the daily trading band for the renminbi against the U.S. dollar and emphasised the need for China to move towards a market-determined exchange rate," the spokesperson said.

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