Lew Says China Needs to Move Toward Flexible Exchange Rate

U.S. Treasury Secretary Jacob J. Lew told Chinese Vice Premier Wang Yang that the world’s second-largest economy needs to move toward a market-determined exchange rate.

In a phone conversation last night, Lew also praised China’s announcement to widen the daily trading band for the renminbi, Treasury said in an e-mailed statement today.

To contact the reporter on this story: Kasia Klimasinska in Washington at kklimasinska@bloomberg.net

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

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