China and the United States have reached a consensus on many key issues, including exchange rates, during the latest round of talks to negotiate a comprehensive trade deal, in Washington.
Governor of China’s central bank, Yi Gang today said that top trade officials from America and China discussed how to respect the autonomy of each other’s monetary authorities in determining the monetary policy.
He said, the discussion also involved mutual adherence to the market-decided exchange rate mechanism.
The Governor said, both the countries will be honouring the commitments made at previous G-20 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, along with Chinese Vice Premier Liu He, took part in the talks, while the American side was represented by the US Trade Representative Robert Lighthizer and Treasury Secretary Stephen Mnuchin.US and China have held several talks during the past few months to end a trade war in which the world’s two largest economies are locked in since last year.