Bloomberg News

U.S. Promotes Market-Determined Exchange Rates at WTO Forum

March 27, 2012

Two U.S. representatives attended meetings today at a World Trade Organization forum “to advocate for market-determined exchange rates as a foundation of an open global trading system,” the U.S. Treasury said.

Deputy U.S. Trade Representative Michael Punke and Mark Sobel, Treasury deputy assistant secretary for international financial policy, are attending the two days of meetings in Geneva, Switzerland, the Treasury said in a statement.

“When trading partners believe others are allowing their exchange rates to adjust in line with fundamentals, there is less pressure for protectionism and more support for trade liberalization,” Sobel said in the release.

To contact the reporters on this story: Cheyenne Hopkins at Chopkins19@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net


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