The International Monetary Fund said on Saturday its members pledged to refrain from competitive currency devaluations and step up dialogue on trade, as escalating trade frictions and higher borrowing costs threatened to knock global growth, Reuters reports.
The agreement came as U.S. Treasury Secretary Steve Mnuchin reiterated his concern over the yuan’s weakening against the dollar - a drop that Washington suspects may be aimed at giving Chinese exports a trade advantage and offsetting U.S. tariffs.