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China would need to report currency interventions: Kudlow

China would need to report currency interventions: Kudlow© Reuters. FILE PHOTO: Chinese 100 yuan banknotes in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing

WASHINGTON (Reuters) – White House economic adviser Larry Kudlow said on Thursday that China would need to report any intervention in the foreign exchange market under a currency deal being negotiated with the United States.

Currency is one of the subjects under discussion in trade talks between China and the United States. Kudlow said the negotiations between the world’s two largest economies were moving forward after “fantastic” progress made last week.

Kudlow said in an interview with CNBC that President Donald Trump and China’s leader Xi Jinping must finalize the agreement, but added: “The documents are very clear: I mean, even things like the currency deal … got no manipulation; they’ve got to report any interventions in the market. That’s part of it.”

The United States had been poised to impose new tariffs on some $200 billion in Chinese imports. But on Sunday, Trump announced that he would delay the hike in duties due to progress in the negotiations.

Still, Trump’s chief trade negotiator, U.S. Trade Representative Robert Lighthizer, said on Wednesday the United States would need to maintain the threat of tariffs on Chinese imports for years, even if the two countries strike a deal.

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Source: Investing.com

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