China Needs More Reforms Before Currency Meets IMF Standards: Lew

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China has to enact additional reforms before its currency meets International Monetary standards, Treasury Secretary Jacob Lew said Tuesday. Getting the IMF seal of approval would boost China's efforts to boost the use of its currency abroad and Chinese officials lobbied Lew to back its effort during his quick trip earlier this week to Beijing. "If China wants [its currency] to increasingly be an international currency...China will need to successfully complete difficult fundamental reforms, such as capital account liberalization, a more market-determined exchange rate, interest rate liberalization, as well as strengthening of financial regulation and supervision," the Treasury Secretary said in a speech at the Asia Society in San Francisco.

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