WASHINGTON (Reuters) - US Treasury Secretary Stephen Manucin said on Friday that his country's economy remained strong and that the recent downturn in markets was "just a natural correction."
"Markets tend to go too far in both directions" and will see a natural correction, Mintoshin said in an interview with CNBC.
Menuchin's comments came two days after a sharp drop in US and global markets on concerns of rising US interest rates and trade disputes.
The US Treasury Secretary expressed concern about the weakness of the yuan in a meeting with the Chinese central bank governor in Bali, AFP reported.
Manuchin declined to comment on whether the Treasury Department could announce in a report next week that Beijing was "manipulating its currency".
But he said in an interview with CNBC that he had "constructive talks on the Chinese currency" with the People's Bank of China Governor Yi Gang in Bali, Indonesia, where they are taking part in the annual meeting of the International Monetary Fund.
