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G20 finance meeting to talk China market volatility — Russian deputy finance minister

August 25, 2015, 8:36 UTC+3 TBILISI
The sides are also likely to assess the measures taken in various countries to decrease the volatility on the markets as well as additional steps to spur economy
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© AP Photo/Ng Han Guan

TBILISI, August 25. /TASS/. G20 finance ministers and Central Bank governors are expected to discuss the Chinese financial market turbulence and its impact on other countries at a meeting in Ankara, Turkey, on September 4-5, Russian Deputy Finance Minister Sergey Storchak has told TASS.

"One can say for sure that during the first point of the agenda the countries will discuss the situation linked to the growing volatility on the financial markets due to the turbulence on the Chinese financial market," Storchak said in an interview.

The sides are also likely to assess the measures taken in various countries to decrease the volatility on the markets as well as additional steps to spur economy, the official added.

"We and many partners have presented data on what measures in the sphere of stimulating long-term investments are being taken in the country. There will be an exchange of views and based on this, a kind of a final document is likely to appear," he said.

China’s central bank carried out the yuan’s biggest devaluation in the past 20 years earlier this month. The Chinese currency was devalued by 1.9% on Tuesday, August 11, by another 1.62% on Wednesday and by 1.1% on Thursday to fall to 6.4 yuans to the US dollar.

China’s central bank announced on August 13 that the operation for adjusting the exchange rate of the renminbi (the yuan’s official name) was completed as a whole. However, on August 18 the stocks continued falling.

The yuan devaluation has caused concern in the United States and countries of the European Union and the Asia-Pacific region, and is also exerting direct influence on world oil prices, experts say.

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