China has come a long way in a short period of time in relation to liberalizing its currency and opening up its economy, said Australian Treasurer Joe Hockey, responding to U.S. Treasury Secretary Jacob Lew's call for Beijing to get back on the path of demonstrating that they're committed to pursuing a market-determined exchange rate.
"I understand where Jack is coming from, (but) I do note the Chinese government has come a very long way in a short period of time in relation to the RMB and in opening up the economy. We all want it to move quicker but when you reflect what's happened over the past decade there has been a lot of movement," Hockey told CNBC on Thursday.
"And quite frankly we should be doing what we can to encourage China to continue on the path to full deregulation of its currency," he said. Hockey and Reserve Bank governor Glenn Stevens will chair the meeting of G-20 finance ministers and central bank governors in Washington later on Thursday.
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