U.S. Draws China FX Into Trade Dispute As IMF Calls For Resolution

According to Reuters, China’s central bank governor Yi Gang, promised on Saturday to keep the yuan currency’s value “broadly stable” at International Monetary Fund and World Bank annual meetings in Bali. In a statement, Yi said that “China will continue to let the market play a decisive role in the formation of the RMB exchange rate." U.S. Treasury Secretary Steven Mnuchin said on Saturday that Chinese officials told him that further yuan depreciation was not in China’s interests.