China’s Vice Finance Minister Says No Secret US-China Exchange Rate Deal


China’s vice finance minister said on Tuesday there was no secret agreement between the United States and China regarding adjustments to exchange rates.

The comment by Zhu Guangyao at a forum follows speculation in foreign exchange markets that finance ministers at the recent G20 summit in Shanghai may have reached a tacit understanding in which the United States agreed to allow the dollar to depreciate, relieving pressure on other currencies.

The dollar fell to a five-month low against major currencies last week after the U.S. central bank indicated it would likely take longer to raise interest rates than some had thought.

Zhu also said recent nervous market sentiment did not reflect China’s economic fundamentals, saying the economy will grow at a stable rate, Zhu said.

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