China and the U.S. are close to striking a currency deal

Yi Gang, China's central bank governor, said on Sunday that China and the United States are close to securing a currency deal as part of the two nations' broader trade negotiations, which are inching toward a resolution.

As part of the agreement, Yi confirmed that China would not manipulate its currency. China's management of its currency has remained a sticking point between Washington and Beijing for years. President Trump has accused Beijing of purposefully devaluing the yuan in order to keep goods cheap and gain a competitive advantage on the international trade market. China has made the same commitment in other multilateral agreements, as well, The Wall Street Journal reports.

"This is what we promised," Yi said. "Absolutely we won't do this."

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Despite China's official promise, it remains unclear how, exactly, the currency deal will be enforced. Per the Journal, both the U.S. and China are "haggling" over mechanisms that would do so, as well as how each nation should respect the other's monetary policy.