Yi Gang, governor of PBoC: China to continue implementing phase-one trade agreement
China will continue implementing the phase-one economic and trade agreement with the US while measures announced to open up China's financial sector will continue, said Yi Gang, governor of the People's Bank of China.
“No matter how the international situation changes, the most important thing is to get our own things done and to firmly deepen financial reform and opening-up,” Yi Gang, the head of the People’s Bank of China, was quoted by Xinhua as saying on Sunday.
“First of all, we will continue to implement the phase one trade deal with the US.”
Market implications
The South China Morning Post noted that the Vice-Premier Liu He is expected to hold a video conference this week with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to discuss the trade deal.
Beijing’s intention to continue honouring the trade deal, which requires China to significantly increase purchases of US goods and services and to enhance intellectual property rights protection, reflects the Chinese government’s efforts to keep US-China ties from sliding further into direct confrontation.
That is risk positive.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
