Lew heading to China

{mosads}After being nominated by President Obama for the position, Lew vowed to make addressing China’s exchange rate a “top priority” when asked by senators. He said he would “press China” to move to a market-determined exchange rate in February when asked about the issue by Sen. Orrin Hatch (R-Utah), the ranking member of the Senate Finance Committee.

“”There has been some progress. … More progress, however, is needed,” he wrote. “If confirmed, addressing China’s exchange rate would be a top priority.”

However, Lew was not specific in exactly how he would go about doing that, saying whatever steps the U.S. took would have to be “consistent with our international obligations.”

Both parties have unsuccessfully pushed the White House to formally label China as a currency manipulator.