China, US agree on currency issues

Beijing: Chinese and US officials discussed exchange rates and reached a consensus on many “important” issues during the latest round of negotiations to end the trade war, Governor of the China’s central bank Yi Gang said on Sunday. Top trade officials from US and China are holding talks to negotiate a comprehensive trade deal during the last few months to end a trade war in which the world’s two largest economies are locked in.

US imposed heavy tariffs on imported steel and aluminium items from China in March last year. Trump is demanding China to reduce the USD 375-billion trade deficit, provide legal protection for IPR, technology transfer and more access for American goods to Chinese markets. He has imposed tariff hikes on USD 250 bn of Chinese goods and threatened to extend tariffs on USD 200 billion Chinese imports to 25%.

In response, China, imposed tariffs on USD 110 billion on American goods. Trump, have accused China of manipulating its currency RMB or Yuan to make its exports more competitive. But US so far, avoided declaring Beijing a currency manipulator.

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