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U.S. to press China on currency, other reforms at July meeting
June 11, 2014 / 1:30 PM / 3 years ago

U.S. to press China on currency, other reforms at July meeting

WASHINGTON, June 11 (Reuters) - The United States will renew pressure on China to speed progress on currency and other reforms needed to open the country’s economy during high-level meetings next month, Treasury Secretary Jack Lew said on Wednesday.

He said the country, now the world’s second largest economy, faces potentially disruptive changes as it tries to install a more market-based economic system, rely more on domestic consumption for growth, and change controversial practices like managing that value of its currency.

While Lew said the Chinese government acknowledges the need for those reforms, “it will probably frustrate us how slow the progress is, and they are going to need to speed it up.”

Reporting by Krista Hughes; Editing by Chizu Nomiyama

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