China has made progress on allowing its currency to rise against the dollar but greater flexibility is needed, a U.S. Treasury Department official said Monday. According to the Associated Press, Lael Brainard, the Treasury's undersecretary for international affairs, praised China's efforts to allow the yuan to fluctuate by a slighter larger margin against the dollar in daily trading. However, Brainard said China must "go forward" with cutting tariffs and opening financial markets to foreign firms. "We'll continue to push very hard on that," Brainard said. Brainard spoke ahead of the Asia-Pacific Economic Cooperation meeting in Moscow later this week.
