PBOC sets yuan reference rate at three-week high

China's central bank boosted the yuan's reference rate to a three-week high as US Treasury Secretary Jacob Lew called for a more flexible exchange rate.

The currency was steady on Thursday, after touching a two-week low on Wednesday as government data showed exports unexpectedly dropped in June.

The People's Bank of China raised the daily fixing by 0.09 percent to 6.1599 per dollar on Thursday, the strongest since June 17.

Lew urged China to make good on pledges to open its economy to competition and adopt more flexible exchange and interest rates, as two days of talks between the two nations started in Washington on Wednesday.