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 BEIJING (AP) - Two days of U.S.-Chinese trade talks ended Monday with no response by China to an ambitious American proposal to reform its financial sector and open its markets wider to foreign products, while also moving faster on currency reforms.
The two sides issued a joint statement highlighting their agreement to cooperate in reforming and regulating financial markets and on the need for currency stability. As is typical in such documents, the emphasis was on consensus.
It noted that China intended to make its tightly controlled currency policies more flexible. But it added: "Both sides reaffirmed that excess volatility and disorderly movements in exchange rates are undesirable for economic growth."
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