US official says China shows commitment to move to market-driven exchange rate
[CHENGDU] China has demonstrated commitment to moving toward a market-driven exchange rate, said a senior US Treasury official, speaking on the sidelines of a meeting of G20 finance ministers and central bankers in Chengdu on Saturday.
He also said he saw a path for China to manage a soft landing for its economy.
In the past, China has often been accused of suppressing its exchange rates to support exports, but in recent years the central bank has intervened more frequently to keep the yuan from softening too quickly as capital has flowed into dollars and out of emerging market currencies.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fed’s preferred core inflation gauge rose at a brisk pace in March
Thames water crisis risks £100 billion UK investment plan
Indian central bank issues draft guidelines for web aggregators of loan products
Vietnam National Assembly head resigns amid graft purge
China central bank flags bond investment risks to some financial institutions: sources
Xi tells Blinken US, China should be 'partners, not rivals'