United States Secretary of the Treasury Jack Lew said in Beijing on Monday that it is critical for China to move towards a more market-determined exchange rate. According to Lew, the United States supports China's efforts to transform the country economy. Lew, who is American government administrator and attorney, had a meeting with China's vice premier Wang Yang.

Lew further said that it is critical that China continues to move towards a market-determined exchange rate and a more transparent exchange rate policy. He further said that US is looking forward to work with China as it deepens its financial reforms.

Lew also said that he has pressed leaders of the world's most populous country over curbs on the use of foreign security products by banks and other limits on access to technology market of the country.

As per the United States and Europe, Beijing is blocking access to China’s growing technology market with the limits in proposed anti-terrorism and banking security measures. During the meeting, Lew said, “We have already made clear our deep concern about issues regarding forced technology transfer and other attempts to bar technological competition most recently in the banking sector, and I look forward to continuing that discussion”. After meeting with Wang Yang, Lew was due to meet with Premier Li Keqiang.

According to the proposed rules on bank security, 75% of the information infrastructure of Chinese institutions should be certified as ‘secure and controllable’ by the government by 2019. As per Chinese companies, they have to disclose some secrets. The proposed anti-terror law would require network operators to build in backdoors for government surveillance, and give keys to Chinese authorities. As per this law, data of the users will be stored within China. The rules have led to an unusually high-level reaction overseas.