China, US agree to refrain from competitive currency devaluations at the G20

China and the USA published a joint 'fact sheet' following talks between Xi and Obama at the G20 meeting in China, in which both countries commit to refrain from competitive currency devaluations.

Headlines

China said it would continue an orderly transition to a market-oriented exchange rate for the yuan

Both countries said they would "refrain from competitive devaluations and not target exchange rates for competitive purposes"

China would "continue an orderly transition to a market-determined exchange rate, enhancing two-way flexibility"

China stresses that there is no basis for a sustained depreciation of the RMB (yuan)

Both sides recognize the importance of clear policy communication