Lew Says U.S. Made ‘Great Progress’ in G-20 on Currencies

Treasury Secretary Jacob J. Lew said the U.S. has made progress through the Group of 20 economies in encouraging countries to let markets rather than governments set the value of currencies.

China has made “real progress” in the Chinese yuan “approaching, not reaching, but approaching” where it needs to be, Lew said in response to questions today from the House Financial Services Committee. “They understand they have to get to a market-determined exchange rate.”

Lew said the U.S. “has to keep pressing.”

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