U.S. Treasury Secretary Jacob J. Lew was about to urge China to move toward a market-based exchange rate when his hosts in Beijing decided the media had heard enough.
While Lew addressed Premier Li Keqiang, Chinese officials tried to usher foreign reporters out of the stately reception room at Zhongnanhai, the closely guarded leadership compound next to the Forbidden City. But Treasury aides insisted the journalists stay until the end of Lew’s remarks, adding tension to an otherwise unremarkable photo-op. The Chinese conceded, but the incident in February illustrates the differences lingering between the world’s two biggest economies after more than four decades of diplomacy.
