World Economy

US Says China on Right Course

US Says China on Right CourseUS Says China on Right Course

The US and China have made progress on their exchange-rate debate over the years while the Asian nation’s ability to control excess capacity will be central for expanding its economy, US Treasury Secretary Jacob J. Lew said Sunday in Beijing, Bloomberg reported. Lew, speaking to students at Tsinghua University, said China’s government is moving in the right direction on its currency.  “China has committed to moving in an orderly way to a more market oriented exchange rate,” he said. Chinese authorities have cut excess industrial capacity including for coal and steel, while the nation plans to seek ways to increase the yuan’s convertibility by changing currency policy and opening up the finance industry, according to the country’s next five-year plan.