China's yuan undervalued: Lew

China's yuan undervalued: Lew

By AFP

Lew reiterated the US push for China to allow the yuan to trade at a market-determined foreign exchange rate. "It's fundamentally not fair in terms of trading practices," Lew said at an event in Washington sponsored by the US-China Business Council.

Lew said that the yuan, or renminbi, has appreciated 14 per cent since 2010, when China began taking small steps to allow its currency to trade more freely. "It still needs to appreciate more.

Read more here: Business Spectator

    

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