(VOVworld) – US Secretary to the Treasury Jacob Lew has urged China to hasten the process of the liberalisation of its currency Renminbi ahead of the two countries' economic conference next month. 

Renminbi’s current exchange rate should be floated in line with market developments, said US Secretary to the Treasury Jacob Lew.

Lew told Wang Yang, China’s Deputy Premier, in a phone call on Monday that Beijing needed to quickly adopt a system for the exchange rate under market mechanisms. Lew said that Renminbi’s current exchange rate for the USD was too low and it should be floated in line with market developments to minimise the trade gap.
This is not the first time that the US has discussed Renminbi’s exchange rate with China and normally China’s response is to consider the US’s request or promises to adjust based on the domestic situation. Washington believes Renminbi’s current exchange rate is lower than its real value and that the value of Renminbi would increase drastically if Chinese government’s regulations were loosened.