The US, Japan and 10 other countries joining a vast new Pacific Rim trade zone have pledged not to engage in currency wars with each other and to disclose any interventions in foreign exchange markets.
The currency vow yesterday came alongside the release of the full text of the Trans-Pacific Partnership, which US President Barack Obama called a break from past trade agreements that “haven’t always lived up to the hype”.
The pledge is aimed at addressing one of the biggest gripes of US critics of the TPP, including Democratic presidential frontrunner Hillary Clinton, who claim that countries such as China and Japan have competed unfairly by intervening to keep the value of the renminbi or the yen artificially low to benefit exporters.
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