China Will Be Accountable for Fluctuations in Rate Exchange; Gas Prices at New Low
U.S. Treasury Secretary Jack Lew says the U.S. will hold China accountable for exchange rate fluctuations that recently sent global finical markets into turmoil. Lew told CNBC China has to understand “there’s an economic and a political reality to things like exchange rates." China's surprise move in early August to let its currency float based on market forces caused a sharp drop in its value, leading to a backlash of concern from U.S. lawmakers. China’s President will visit Washington later this month amid the fresh concerns about Beijing's recent policy moves.
The U.S. Energy Information Administration reports the price of gas the week before Labor Day reached its lowest level since 2004 this year. The Department reports the U.S. average retail price of regular gasoline was $2.51 per gallon on August 31st, the lowest price for the Monday before Labor Day since 2004. The current average is 95 cents per gallon lower than the same time last year. The report noted declines in crude oil prices are the primary driver behind falling U.S. gasoline prices.