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Treasury's Lew: U.S. has deep interest in bringing China up to global standards
July 16, 2014 / 1:50 PM / 3 years ago

Treasury's Lew: U.S. has deep interest in bringing China up to global standards

U.S. Treasury Secretary Jack Lew takes a question from a reporter during a cybersecurity-related tour of a Verizon network operations center at their facility in Ashburn, Virginia July 15, 2014. REUTERS/Jonathan Ernst

WASHINGTON (Reuters) - 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 toward a market-determined exchange and to be much more transparent about their actions,” Lew said.

Reporting by Howard Schneider; Editing by Susan Heavey

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