China, U.S. Highlight Progress Amid Tensions as Meetings End

U.S. and Chinese officials, concluding annual diplomatic and economic talks, highlighted incremental gains on financial and environmental issues without papering over differences on cyber-spying and tensions in the South China Sea.

U.S. Treasury Secretary Jacob J. Lew said Wednesday that China committed during the annual Strategic and Economic Dialogue to limit foreign-exchange intervention only to times of “disorderly market conditions.” Chinese Vice Premier Wang Yang said the U.S. pledged to respect International Monetary Fund procedures on China’s efforts to win reserve-currency status for the yuan.