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
SNP veteran John Swinney set to be Scotland’s next leader
Shell in talks to sell Malaysia fuel stations to Saudi Aramco: sources
Israel begins evacuating part of Rafah, Hamas decries 'dangerous escalation'
Macron, von der Leyen press Xi on trade in Paris talks
Eurozone business activity grows at fastest pace in almost a year, PMI shows
China May Day holiday spending delivers mixed picture on post-Covid recovery