February 29, 2016

G20 looking at coordinated economic stimulus program and China repeats promise not to have sharp devaluation

A report published by the International Monetary Fund (IMF) on Wednesday called for a coordinated stimulus program to support a slowing global economy.

An official with a European delegation to the G20 earlier in the week said policymakers recognize elevated risks and will express the need for coordinated action in their joint communique at the summit.

"There is general agreement that should the situation worsen considerably, there needs to be a discussion on what should we do collectively or in a coordinated manner, but this is not what we would do today," the official said.

China's central bank reiterated assurances made on Thursday that it will not use currency depreciation to boost exports, and that it intends to keep the yuan basically stable against a basket of currencies.

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