No Deal on Dollar-Yuan as Far as We Know: IMF

There were no secret backroom agreements at the Group of 20 (G-20) meeting in Shanghai to manage the exchange rate between the dollar and renminbi, the deputy managing director of the International Monetary Fund (IMF) told CNBC, rebuffing reports of a deal.

“We didn’t hear anything,” Zhu Min, deputy managing director of the International Monetary Fund (IMF).

“The (Chinese) vice minister of finance (Zhu Guangyao) clearly denied the rumors and I don’t think there was any secret deal.”

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.