July 1, 2014 / 12:55 PM / 3 years ago

U.S. says more progress needed to raise yuan's value

WASHINGTON, July 1 (Reuters) - U.S. Treasury Secretary Jack Lew said on Tuesday that China had made progress toward letting markets determine the value of its currency, but that it was still undervalued and more needed to be done.

“I think they’ve made some moves in the right direction ... but we seem to take two steps forward and at least part of a step back, and we need to keep making progress getting towards a market-determined exchange rate,” Lew said at an event sponsored by the U.S.-China Business Council. (Reporting by Jason Lange and Elvina Nawaguna; Writing by Tim Ahmann Editing by W Simon)

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