China’s foreign exchange rate has moved to a “much more market-oriented frame,” which the current US administration has “recognized,” former US Treasury Secretary Jack Lew said Wednesday. Lew spoke at the 8th Caixin Summit in Beijing via a video link from New York City. “It’s very important that the exchange rate not be an issue of tension between our countries,” Lew said. “The exchange rate has moved to be a much more market-oriented frame. Even in this administration of the United States, it’s been recognized that the progress has been made. That’s very important. That is something that creates stability in the relationship.” Lew, who headed the US Treasury Department from February 2013 until Donald Trump assumed the presidency on Jan. 20, also said that China’s recent decision to allow foreign investors to take a 51% stake in financial companies in the country was “an important move,” yet the government can do more to open up the sector.