China, US pledge to further deepen economic ties

The reforms would double the Fund's resources and hand more IMF voting powers to countries like the BRICS nations -- Brazil, Russia, India, China and South Africa.

The US supports China to hold the 22nd informal leaders' meeting of the Asia-Pacific Economic Cooperation (APEC), said the US Treasury Secretary.

The two sides also exchanged views on each other's domestic economic policies, bilateral investment treaty negotiations, as well as regional and global trade issues.

On Tuesday afternoon, Chinese Vice Finance Minister Zhu Guangyao chaired a news briefing on Lew's visit, focusing on the upcoming China-US SED, the exchange rate of the Chinese currency renminbi (RMB), or the yuan, China-US economic relations, and the future development of China's economy.

On the SED, Zhu said the two sides have maintained close communication and are making preparations for the dialogue.

Reform on the RMB's exchange rate is among the issues of US concern, he said.

The yuan's value has come under the spotlight as its exchange rate against the US dollar declined about 3.5 percent in the first four months of the year, a period in which the country also saw a shrinking trade surplus.

In China's foreign exchange spot market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

Zhu said the two-way movements of the RMB were the results of market supply and demand, adding that one-way fluctuation of the RMB exchange rate only creates opportunities for speculation.

China's determination to reform the RMB exchange rate formation mechanism is unswerving, he said, noting that the issue will be further discussed during the SED.

Cooperation with China is in US' interests

Li: China, US have more common interests than disputes

China-US 'sister' ties are in full bloom

PBOC boss sheds light on yuan exchange rate