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Lew presses Beijing to ease exchange rate controls

By Joe McDonald
Published May 13, 2014 9:57am ET
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Lew presses Beijing to ease exchange rate controls
FILE - In this May 8, 2014 file photo, U.S. Treasury Secretary Jacob Lew, testifies before a House Financial Committee hearing on "the annual testimony of the Secretary of the Treasury on the state of the international financial system," on Capitol Hill in Washington. Lew pressed China on Tuesday, May 13, 2014, to ease politically sensitive exchange rate controls and lower barriers to foreign investment. Beijing in March widened the narrow band in which it allows its yuan to fluctuate against the U.S. dollar. But it retained controls that critics complain keep the yuan undervalued and give its exporters an unfair price advantage. (AP Photo/Manuel Balce Ceneta, File) | Manuel Balce Ceneta

BEIJING (AP) — The U.S. treasury secretary pressed China on Tuesday to ease exchange rate controls and lower barriers to trade and investment.

Beijing in March widened the narrow band in which it allows its yuan to fluctuate against the U.S. dollar. But it retained controls that critics complain keep the yuan undervalued and give its exporters an unfair price advantage.

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Asia Beijing China Jack Lew Money