US Treasury Secretary Steven Mnuchin said Friday he had told the head of China’s central bank about his concerns over the weakness of China’s currency. Mnuchin said he had had “a constructive discussion about the currency” with People’s Bank of China Governor Yi Gang in Bali, Indonesia where they are attending the annual meetings of the International Monetary Fund and World Bank. “I am concerned about the weakness in the currency. I’ve reflected that to them,” Mnuchin said in a TV interview on CNBC. Chinese officials “made it clear it’s not in their interest to see depreciation further.” He said he also discussed the ongoing trade dispute with Yi and confirmed there were discussions about a potential meeting between President Donald Trump and Chinese President Xi Jinping during the Group of 20 summit in Buenos Aires in November. But the meeting would only happen if there is enough progress in the trade discussions, he said. “There is no deadline.” “We’ve been very clear with China that we need to have structural changes, that we need a reciprocal trading relationship and we should be able to increase our exports by hundreds of billions of dollars,” he said. And Mnuchin indicated the… Read full this story
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