The United States warned China Monday that the recent depreciation of its currency could raise "serious concerns" if it signaled a policy shift away from allowing market-determined exchange rates. Washington has been pressing Beijing for years to allow its currency to trade at stronger values. A weak yuan makes Chinese exports cheaper for U.S. consumers at the expense of U.S. producers. A weaker yuan also makes Chinese consumers less able to buy foreign goods. Last month, U.S. Treasury Secretary Jack Lew welcomed a decision by China to allow its currency to vary more against the dollar in daily trading.
