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US urges China to liberalise currency ahead of talks

US Treasury Secretary Jacob Lew pressed China on Monday to speed up the liberalisation of the renminbi ahead of the two countries' economic conference next month. 

WASHINGTON: US Treasury Secretary Jacob Lew pressed China on Monday to speed up the liberalisation of the renminbi ahead of the two countries' economic conference next month.

Lew told Vice Premier Wang Yang of "the need for China to move more rapidly toward a market-determined exchange rate" in a telephone discussion on the bilateral relationship, the Treasury said.

The US says the renminbi is deeply undervalued and needs to float according to market forces to help right the two-way trade gap, which is deeply skewed in China's favour.

The two officials spoke Monday on the bilateral economic relationship generally and on preparations for the US-China Strategic and Economic Dialogue, to take place in Beijing in early July.

The annual dialogue brings together top policymakers and experts from the two superpowers to discuss commonalities and differences on key global and bilateral issues.

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