(Archived Content)
ANTALYA, TURKEY – U.S. Treasury Secretary Jacob J. Lew met today with Chinese Vice Premier Wang Yang and Finance Minister Lou Jiwei on the sidelines of the G-20 Leaders Summit.
Secretary Lew, Vice Premier Wang, and Minister Lou discussed the direction of economic reform in China, and Secretary Lew reiterated the importance of China supporting household income and rebalancing towards consumption-led growth. The meeting built on their telephone conversation ahead of the G-20, in which Secretary Lew urged China to continue financial reform and move toward a market-determined exchange rate system in a responsible manner and discussed President Xi’s pledge in September to avoid competitive devaluations and not to weaken China’s currency in order to boost its exports.
Secretary Lew added that the United States supports China’s presidency of the G-20 in 2016 and looks forward to working closely with China to promote strong, sustainable, and balanced global growth and address the shortfall in global aggregate demand. He discussed the important role climate finance, consistent with high environmental and other standards of existing international financial institutions, can play in meeting development objectives.
Secretary Lew reiterated that the United States intends to support the renminbi’s inclusion in the Special Drawing Rights basket provided the currency meets the International Monetary Fund’s existing criteria, and the United States is reviewing the IMF’s paper in that light.
# # #
Use featured image
Off