Exchange Database

China Promises US It Will Speed Up Reforms On Market Exchange Rate For Yuan

China will speed up the process of moving the yuan toward a market-determined exchange rate, Chinese Vice Premier Wang Yang told a U.S. delegation Wednesday, while stressing the need to move ahead with care. Wang’s statement came during the Strategic Economic Dialogue between China and the U.S. in Beijing, which began Tuesday. While the U.S. has been asking China to move its currency toward a market-based exchange rate, China is worried about how Beijing will manage the transition. The yuan has depreciated 2.4 percent against the U.S. dollar so far this year after the People’s Bank of China purchased dollars, adding that the yuan has appreciated about 33 percent against the dollar since 2005.
Outcomes: 
U.S. Treasury Secretary Jack Lew said, "China needs a market-determined exchange rate. The first step would be transparency -- if it was clear when the government was intervening and why -- that would help quite a lot." Senior leaders from both countries, including President Xi Jinping, U.S. Secretary of State John Kerry and Lew, are expected to also discuss a bilateral investment treaty at the two-day summit.
Government?: 
Yes
Type of Exchange: 
business
Partners: 
United States and Chinese Governments
Participants (Types): 
Chinese Vice Premier Wang Yang, U.S. Treasury Secretary Jack Lew, United States delegates
Exchange Date: 
Wednesday, July 9, 2014
Continuing: 
No
Image: 
Level of Government: 
national
Location: 
Beijing, China
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