Jacob, the US Treasury Secretary, said on Tuesday that the United States does not believe that the Chinese currency is in line with the standard of monetary basket incorporated into the International Monetary Fund (IMF).

If the renminbi is included in the basket, it will enhance China's global status and encourage more central banks to hold Renminbi.

At present, the IMF currency basket includes the US dollar, Japanese yen, euro and pound sterling. IMF will review the composition of its currency basket this year.

IMF officials require currencies that are widely used and freely convertible in international trade to be included in the basket of currencies. Jacob Lu said China needs to make more efforts.

"In spite of further liberalization and reform of the renminbi, we can meet this standard. We hope to accelerate the completion of these necessary reform processes," Jacob Lu said in a speech at the Asia Society Northern California in California.

The renminbi has become the fifth largest trade settlement currency in the world. The Chinese government has made progress almost every week in creating the basic conditions needed for the convertibility of RMB capital items.

Jacob Lu returned to China after a meeting with Chinese officials in Beijing, reiterated that the United States believes that China seems to have stopped intervening in the suppression of the RMB exchange rate.

But he said when asked for appreciation of the renminbi. Market pressure When you increase, you can really test it. China Has the policy really changed?

He wants China to be there. Intervention market Continue to exercise restraint.

Jacob Lu's speech covered extensive topics such as trade, regulation and international finance. He also warned China not to block foreign technology, saying it could damage Sino US relations.

Jacob Lu said that if the development bank led by China could complement existing institutions and adopt higher governance standards, the US government would like to see its success.

China has persuaded several European allies in the past few weeks to become the founding member of AIIB, indicating that China's position is improving.

The US government hopes that Asian investment bank will cooperate with the existing institutions such as the world bank and the Asian Development Bank, which may prompt the Asian investment bank to adopt the existing standards.

"I am encouraged by the Beijing talks, and Chinese leaders have made it clear that they must adhere to high standards and welcome cooperation," Jacob Lu said.

Related links:

In recent days of uncertainty, if people share a common view of a certain market, the dollar will continue to rise - the dollar has risen 23% since last June, though there are some fluctuations in the middle. It is also believed that the rising US dollar is bound to make the emerging market more vulnerable. Ren Yongli Stephen Jen of London SLJ Macro points out: "emerging markets may experience a partial currency crisis in 2015."

It is also a little worrying that economists at JPMorgan recently pointed out: "many emerging markets are beset by the combined effects of weak corporate profitability, over leveraging private sector, tighter financial conditions and poor governance", according to Morgan. In addition, they are concerned about capital outflow.

There are many examples in history that support the pessimists' views. A few years ago, many emerging market companies ignored the lessons of history and borrowed large amounts of cheap dollars, even though they lacked the dollar income. They believe that the dollar is unlikely to rise because of the intention of the US quantitative easing to lower the US dollar exchange rate.

But now the US seems to be moving towards increasing interest rates (no matter how reluctant), while the BOJ and ECB continue to stride forward on the path of quantitative easing. The euro and yen have fallen against the US dollar, and almost all emerging market currencies are also. Of course, the renminbi is a notable exception. Today, many market participants believe that the US dollar will go up further, the euro and yen will continue to fall, and the Chinese will inevitably devalue their currencies.

But both the US dollar and the renminbi may not meet those general expectations. Some people, such as David Bloom, HSBC's chief foreign exchange strategist, believe that the US dollar is at the top of the cycle. David Blum Bloom pointed out that the dollar has risen 40% since its lows in 2011, which is far more than its average gain of 20% for other currencies.

Bloom warned: "we are at the last painful stage of the feast of dollar rise. It's time to leave. "