China’s top central banker signaled that Beijing and Washington are getting close to reaching a currency deal as part of their continuing negotiations to settle a yearlong trade battle.
“Both sides have reached consensus on many crucial and important issues,” People’s Bank of China Gov. Yi Gang said at a news conference Sunday, held on the sidelines of the nation’s annual legislative session.
As part of the accord, Mr. Yi said, China won’t engage in competitive devaluation to give Chinese exporters a leg up in foreign markets—a commitment Chinese officials have also made in multilateral agreements such as those among the Group of 20 industrial nations. “This is what we promised,” he emphasized. “Absolutely we won’t do this.”