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ECONOMY

Yuan Now 'Much More Market-Oriented,’ Former U.S. Treasury Secretary Says

By Fran Wang and Liu Xiao
Former U.S. Treasury Secretary Jack Lew said Wednesday that China’s decision to allow foreign investors to take a 51% stake in financial companies was “an important move,” yet the government could do more to open up the sector. Above, Lew (left screen) and Chinese Finance Vice Minister Zhu Guangyao discuss Sino-U.S. economic cooperation via video links at the 8th Caixin Summit in Beijing on Wednesday. Photo: Caixin
Former U.S. Treasury Secretary Jack Lew said Wednesday that China’s decision to allow foreign investors to take a 51% stake in financial companies was “an important move,” yet the government could do more to open up the sector. Above, Lew (left screen) and Chinese Finance Vice Minister Zhu Guangyao discuss Sino-U.S. economic cooperation via video links at the 8th Caixin Summit in Beijing on Wednesday. Photo: Caixin

China’s foreign exchange rate has moved to a “much more market-oriented frame,” which the current U.S. administration has “recognized,” former U.S. Treasury Secretary Jack Lew said Wednesday.

Lew spoke at the 8th Caixin Summit in Beijing via a video link from New York City.

“It’s very important that the exchange rate not be an issue of tension between our countries,” Lew said.

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