July 9, 2014 / 1:40 AM / 4 years ago

Lew says moving to market-determined FX rate crucial for China

BEIJING, July 9 (Reuters) - U.S. Treasury Secretary Jack Lew said on Wednesday that moving to a market-determined exchange rate will be a crucial step for China, as the two countries began annual high-level talks.

“We support China’s efforts to allow the market to play a more decisive role in the economy and rely more on household consumption to drive China’s economic growth. Moving to a market-determined exchange rate will be a crucial step,” he said.

“We welcome this commitment and China’s economic growth. A prosperous China that grows in a way that is consistent with international rules and norms will contribute to the strong, sustainable and balanced growth of the global economy.” (Reporting by Lesley Wroughton; Writing by Ben Blanchard; Editing by Dean Yates)

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