U.S. And China Discuss Economic Concerns Ahead Of June Meeting

Treasury Secretary Jacob Lew and Chinese Vice Premier Wang Yang discussed U.S. concerns with China's exchange rate policies ahead of a late June meeting, a Treasury spokesperson said Wednesday. Although China has made progress in reducing its foreign exchange intervention, Lew stressed that China needs to take more steps to improve the transparency of its exchange rate activities, the spokesman said. "Their conversation focused on ways to deepen the economic cooperation between the two countries and to continue making progress on respective areas of concern," the spokesperson said. They also discussed the outlook for the U.S. and Chinese economies, as well as the state of the global economy.