G20: China and US agree to refrain from competitive currency devaluations
China and the USA have today published a joint "fact sheet" after yesterday's talks between Xi and Obama 4 Sept 2016
- China and the United States committed anew to refrain from competitive currency devaluations
- China said it would continue an orderly transition to a market-oriented exchange rate for the yuan
The fact sheet notes that:
- both countries said they would "refrain from competitive devaluations and not target exchange rates for competitive purposes"
- China would "continue an orderly transition to a market-determined exchange rate, enhancing two-way flexibility"
- China stresses that there is no basis for a sustained depreciation of the RMB (yuan)
- Both sides recognize the importance of clear policy communication
Clear policy communication? Yea, right.
Reuters has more on the talks here as the G20 continues today and tomorrow officially.
Enjoy the rest of yours folks. Remember it's a US and Canadian holiday tomorrow ( Monday) so happy long w-e to all our friends across the pond.
" Keep smiling and they might just fall for it.. Sure, Mr President? Yes, Mr President."