WASHINGTON, July 16 It is crucial to the United States that China be brought up to world standards for how it regulates and manages its economy, U.S. Treasury Secretary Jack Lew said on Wednesday.
Lew said that, despite tensions between the countries, the U.S. will remain closely engaged with China to try to further economic reform in the country -- now the world's second largest economy behind the United States.
"Realistically, the global economy depends on a good U.S.-China relationship," he said, speaking at a business conference hosted by the CNBC television network.
Lew also said that in recent talks with Chinese officials he has made clear U.S. demands that China stop managing its currency, which is pegged to the value of the U.S. dollar.
"I could not be more clear with our Chinese counterparts on the need for them to step back from intervention and for them to move towards a market-determined exchange and to be much more transparent about their actions," Lew said. (Reporting by Howard Schneider; Editing by Susan Heavey)