Lew Says He Would Push China on ‘Market-Determined’ Currency

Feb. 20 (Bloomberg) -- Jack Lew, President Barack Obama’s nominee for U.S. Treasury secretary, said he would press China to adopt a “market-determined” exchange rate.

* Lew, in written answers to questions from members of the

Senate Finance Committee obtained today by Bloomberg News,

said if he’s confirmed, “addressing China’s exchange rate

would be a top priority.” * Lew cited “progress” in China, including a 15% gain in the

yuan against the dollar in real terms since June 2010 and a

decline in the current-account surplus from a peak of more

than 10% of gross domestic product to less than 3%. Still,

he said, “more progress is needed.”

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