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The head of the US Treasury believes that China should "let go" the yuan

US Treasury chief Jacob Liu said he would urge Chinese leaders to "let go" of the yuan, US media reported.

According to him, at the upcoming meeting in Beijing, 13 in May, he will demand from the Chinese leadership to ease the pressure on the yuan and give the market the opportunity to determine a fair exchange rate.

"Although China has made significant progress in the process of reducing the impact on the national currency, in recent months we have seen a sharp weakening of the exchange rate," said Liu.

The Chinese currency, the yuan, has been weakening in recent months, which has revived the long-standing allegations of manipulation, competitive devaluation, and mercantilism, which adversely affects the partner’s economy.
In mid-April, the US Treasury Department expressed "serious concern" about this trend, stressing that it is one of the most controversial issues in the economic and political relations between the US and China.

This already long-standing dispute, fueled by politicians and problems in the economy, has a negative effect on both sides, as it distracts attention from more important issues affecting US-China relations.

In addition, Lew said that he would urge the Chinese side not to postpone measures aimed at strengthening the Chinese economy.

He also did not avoid the issue of sanctions. According to him, he will try to convey to China the requirement not to become an alternative source of funding for Russia, since the US sanctions can have a very negative effect.

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