WASHINGTON, May 9 (Reuters) - U.S. Treasury Secretary Jack Lew said he plans to press China in talks next week to allow market forces to play a bigger role in determining the value of the Chinese currency, saying he has seen “some very negative movement” in recent months.
“They have made some moves that are consistent with moving toward more market-determined (exchange) rates,” he said in an interview with Bloomberg Television set to air on Friday. “But we’ve seen some very negative movement in the exchange rate in recent months.”
“And that’s ... a serious conversation, because it has to do with the competitiveness of U.S. goods in China,” Lew said according to a transcript of the interview. (Reporting by Timothy Ahmann; Editing by Chizu Nomiyama)