U.S. And China To Hold Regular Phone Calls Over Economic Policy

The U.S. and China have agreed to conduct regular telephone discussions on bilateral economic policy concerns, China's President Xi Jinping said Friday. Speaking at a joint press conference with President Barack Obama in the White House Rose Garden, Xi said China's Vice Premier Wang Yang and U.S. Treasury Secretary Jacob Lew would be in charge of the talks in an effort to improve coordination. U.S. officials were upset last month about the way China surprised markets when it announced a reform of its currency regime which led to a devaluation of its currency. U.S. said China's move caught international markets off guard sparking uncertainty and market volatility. Obama told reporters that in their private meetings Xi pledged to continue with market reforms and avoid a further devaluation of the yuan. In the long term, Xi said there is no reason for the yuan to devalue against the dollar in foreign-exchange markets. Xi defended his country's economic performance and his government's response to stock-market weakness.

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