U.S. Treasury Secretary Jacob J. Lew said China needs to move toward a more market-determined exchange rate, calling changes in the yuan’s value inconsistent.
“We have seen some movement, which is a good thing,” Lew said on CNN’s Fareed Zakaria program, according to a transcript the network released today. “But we’ve also seen that the movement kind of comes and goes and it flattens out and there’s still a gap.”
The U.S. and China start two days of strategic and economic talks tomorrow in Washington. “We’ll continue to raise the issue until we get to where we need to be, which is market-determined exchange rates,” Lew said.
He also urged China to stop stealing the intellectual property of American companies.
“The cyber theft of trade secrets is a real form of theft,” Lew said, according to the transcript. “And it’s something that we’ve said has to stop.”
He said the theft of intellectual property is different from the kind of surveillance that Edward Snowden leaked.
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