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May 09, 2014 AT 12:18 PM
U.S. Treasury Secretary Jack Lew will discuss China's currency policy and a range of other economic issues during a visit to the Asian nation next week. While Beijing has made progress in moving to a more flexible currency regime, the Chinese yuan remains undervalued. In April, the Obama administration warned China, the world's second largest economy, that the yuan was too weak and expressed doubts over Beijing's commitment to let market forces determine the currency's value.