Investing.com - Financial Markets Worldwide
Get 50% Off
🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Pacific trading partners near pledge on currencies -source

Published 2015-10-05, 09:22 a/m
© Reuters. Pacific trading partners near pledge on currencies -source

ATLANTA, Oct 5 (Reuters) - Pacific Rim trading partners plan
to sign a pledge not to devalue their currencies to make their
exports cheaper, in tandem with a regional trade deal, a person
familiar with the discussion said on Monday.
Countries were working towards a commitment to have a higher
standard with regard to their exchange rate policies, promising
not to use their currencies to promote competitive devaluation,
the person said.
The agreement would be made in parallel with the
Trans-Pacific Partnership (TPP) trade deal freeing up trade
flows among 12 nations, including the United States and Japan.
The proposal seeks to assuage concerns in the U.S. Congress
about exchange rate manipulation by countries including Japan.
U.S. carmakers are worried that the weak yen gives Japanese
competitors an advantage.
But it falls short of the sanctions that many lawmakers and
the U.S. auto industry had demanded for breaches of the rules
and may complicate passage by Congress of the TPP.
The proposed agreement would commit TPP members to disclose
more information about currency practices and policies and set
up regular meetings of officials to discuss currency issues, the
person said. The meetings would likely be held at least once a
year.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.