- China's excess industrial capacity will have a "corrosive" impact on its future growth and efficiency unless it is reduced, U.S. Treasury Secretary Jack Lew said Sunday, adding that it was causing distortions in the global markets.
- He also said it would be "problematic" if the yuan only went down over time, but revealed that the Treasury did not designate Beijing as a currency manipulator in its most recent report because its last intervention had not been one-sided.
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