US treasury secretary Lew speaking from talks in Beijing 7 June 2016
- bilateral talks commit to exchange rate reform that allows for two-way flexibility
- China officials stressed there is no basis for sustained yuan depreciation
- welcomes commitments from Chinese officials to "progressively reduce" excess steel production capacity
- agreed to push forward IMF reform to increase quotas for emerging economies
- committed to improve economic data and US/China transparency
US treasury sec Lew - Some progress made in Chinese talks
