LONDON (Reuters) – U.S. Treasury Secretary Jack Lew said on Wednesday the true test of China’s credentials in reforming its foreign exchange policy would come when its currency is under pressure.
“The standard has to be what will they do when there’s pressure on the (yuan). For competitive purposes, will they continue to refrain from intervention?” said Lew, speaking at the London School of Economics.
“And … are they truly committed to having a market-determined exchange rate?”
(Reporting by David Milliken and Jemima Kelly, writing by Andy Bruce; editing by John Stonestreet)