U.S. Treasury Secretary Jacob Lew said Tuesday that China should allow the yuan to rise further and the United States will continue to push China to open its market to U.S. investors on a level playing field.
Lew said the yuan has made some progress and appreciated for 14 percent since 2010, but it is still undervalued. He told audiences of a meeting sponsored by the U.S.-China Business Council that the U.S. government will push China to appreciate the currency at the sixth annual bilateral Strategic and Economic Dialogue (S&ED) slated for July 9-10.
Since China liberalized its exchange rate regime, the yuan has gained by at least 30 percent against the U.S. dollar, and many U. S. economists viewed the yuan's value as appropriate.
Lew said the Bilateral Investment Treaty (BIT) will also be high on the S&ED agenda, but he did expect any quick results from the long-haul talk.
"I think it's not realistic to think there is going to be a concluded BIT in a couple of weeks," Lew said, adding it is a very long process and the U.S. government will continue to encourage China to open markets especially in the finance and service sectors.
Rounds of negotiations have been held after the two countries agreed to re-start the BIT talk at last year's S&ED. China wants the U.S. to narrow the national security reviews on Chinese investment, while U.S. would like to see China keep the "negative list", which details sectors barring U.S. investment, as short as possible.
Although bilateral trade relations bloomed in the past decades, investment ties lagged behind in a surprising way. China only accounts for less than one percent of total Foreign Direct Investment (FDI) in the U.S. while U.S. investment takes up three percent of China's inbound FDI.
GMT 11:02 2018 Tuesday ,11 December
ASE opens trading on lower noteGMT 15:40 2018 Monday ,10 December
Amman stock market closes trading at JD4.4 millionGMT 19:10 2018 Wednesday ,05 December
Index at Palestine stock market drops by less than one pointGMT 17:58 2018 Sunday ,25 November
Amman stock market wraps up trading at JD2.6 millionGMT 14:24 2018 Thursday ,22 November
Russia’s stock market demonstrates record-breaking figures in 2018GMT 11:45 2018 Tuesday ,20 November
Tokyo stocks close lower as tech issues weigh, Nissan tumblesGMT 15:08 2018 Monday ,19 November
Amman stock market wraps up trading at JD6.1 millionGMT 15:51 2018 Sunday ,18 November
U.S. stocks post weekly losses amid tech shares routMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor