China has come a long way in a short period of time in relation to liberalizing its currency and opening up its economy, said Australian Treasurer Joe Hockey, responding to U.S. Treasury Secretary Jacob Lew's call for Beijing to get back on the path of demonstrating that they're committed to pursuing a market-determined exchange rate.
"I understand where Jack is coming from, (but) I do note the Chinese government has come a very long way in a short period of time in relation to the RMB and in opening up the economy. We all want it to move quicker but when you reflect what's happened over the past decade there has been a lot of movement," Hockey told CNBC on Thursday.
"And quite frankly we should be doing what we can to encourage China to continue on the path to full deregulation of its currency," he said. Hockey and Reserve Bank governor Glenn Stevens will chair the meeting of G-20 finance ministers and central bank governors in Washington later on Thursday.
Recommended Content
Editors’ Picks
Australian Dollar maintains ground amid subdued US Dollar, US Nonfarm Payrolls awaited
The Australian Dollar rises on hawkish sentiment surrounding the RBA prolonging higher interest rates. Australia’s central bank is expected to maintain its current rate at 4.35% until the end of September. US Nonfarm Payrolls is expected to print a reading of 243K for April, compared to 303K prior.
EUR/USD: Optimism prevailed, hurting US Dollar demand
The EUR/USD pair advanced for a third consecutive week, accumulating a measly 160 pips in that period. The pair trades around 1.0760 ahead of the close after tumultuous headlines failed to trigger a clear directional path.
Gold bears take action on mixed signals from US economy
Gold price fell more than 2% for the second consecutive week, erased a small portion of its losses but finally came under renewed bearish pressure. The near-term technical outlook points to a loss of bullish momentum as the market focus shifts to Fedspeak.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.