BEIJING | China’s Yi: Envoys discussed avoiding currency as trade tool

BEIJING (AP) — China’s central bank governor says American and Chinese envoys discussed sticking to promises to avoid currency devaluations to boost exports during negotiations aimed at ending a tariff war.

Yi Gang gave no indication the two sides reached any agreements during their latest round of talks in Washington beyond previous commitments made at meetings of the Group of 20 major economies.

At a news conference Sunday, Yi said negotiators “discussed that both sides should adhere to the principle of market-determined exchange rate regime.” He said they “discussed that both sides should abide by” promises at G20 meetings to avoid “using exchange rates for competitive purposes.”

Chinese and American officials say talks aimed at ending the conflict over Beijing’s technology ambitions are making progress but no formal agreements have been announced.

By Associated Press