Treasury Nominee Lew Says China’s Currency Still Undervalued

U.S. Treasury secretary nominee Jack Lew says the Chinese yuan is still undervalued.

“We pushed back on our perception that the currency is undervalued,” Lew said. “We made progress. It is still undervalued and more progress,” needs to be made.

Lew was testifying before the Senate Finance Committee, which is considering his nomination to succeed Timothy F. Geithner as head of the Treasury Department.

To contact the reporter on this story: Meera Louis in Washington at mlouis1@bloomberg.net;

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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