US asks China to reform RMB rate

US Treasury Secretary Jack Lew pressed Beijing to allow market forces to play a bigger role in setting the value of China’s currency, Financial Times reported, citing a Tuesday statement by Lew. “It is important that China demonstrate a renewed commitment to move to a more market-determined exchange rate,” Mr Lew said on Tuesday in Beijing, where he met China’s premier and central bank governor. The renminbi, which trades at RMB 6.24 to the dollar, has weakened about 4% against the dollar since January, ending four years during which the currency appreciated almost 12%.