China, US reach consensus on exchange rate issues

China and the United States discussed exchange rates and reached a consensus on many key and important issues in the latest round of economic and trade talks, said China's Central Bank Governor Yi Gang in a press conference held Sunday.

According to China.org.cn, a government-run website, Gang stated that the two sides discussed respecting the autonomy of each other's monetary authorities in determining the monetary policy.

The discussion also involved mutual adherence to the market-decided exchange rate mechanism, honoring the commitments made at previous G20 summits such as refraining from competitive devaluation and using exchange rates for competitive purposes, and maintaining close communication on foreign exchange markets, he added.