U.S. Treasury chief urges China to adopt market-driven FX rate

BEIJING, March 30 (Yonhap) -- U.S. Treasury Secretary Jacob Lew called for China on Monday to move towards a more market-determined foreign exchange rate, keeping pressure on Beijing to be more transparent about its actions in currency markets.

Lew made the remarks during a meeting with Chinese Vice Premier Wang Yang in Beijing as he began a two-day visit to China earlier in the day, according to a statement released by the U.S. Embassy in Beijing.

"It is critical that China continue to move to a more market-determined exchange rate and a more transparent exchange rate policy," Lew was quoted as saying in the statement.

The U.S. suspects that China has artificially undervalued its yuan currency against the U.S. dollar to help its exporters sell goods at cheaper prices.

During the meeting with Wang, Lew also raised concerns over a move by Chinese authorities to curb the use of foreign security-related technology and goods in the Chinese banking sector.

"Promoting innovation and open markets is in our mutual interest," Lew said.

"We have already made clear our concerns regarding forced technology transfer and other attempts to bar technological competition, most recently in the banking sector," Lew said.

kdh@yna.co.kr
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