‘China, US reached consensus on many key currency exchange rate issues’

The Hindu Business Line
March 10, 2019


Chinese and US officials discussed exchange rates and reached a consensus on many “important” issues during the latest round of negotiations to end the trade war, Governor of the China’s central bank Yi Gang said on Sunday.

“The two parties discussed about how to respect the autonomy of each other’s monetary authorities in determining the monetary policy,” Yi told a media briefing here.

Yi was part of the Chinese delegation, led by Chinese Vice Premier Liu He with US Trade Representative Robert Lighthizer and Treasury Secretary Stephen Mnuchin.

“The discussion involved mutual adherence to the market-decided exchange rate mechanism, honouring the commitments made at previous G20 summits such as choosing not to adopt competitive depreciation, not to use exchange rates for competition purpose, and maintaining close communication on foreign exchange markets,” Yi said.

They also discussed the issue that both sides should commit to disclose data in accordance with the statistics transparency standard of the International Monetary Fund, he said.

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