Chinese Premier Li Keqiang delivers a message as seen on large video screens, to delegates of the G20 Finance Ministers and Central Bank Governors Meeting in Shanghai, China, Friday Feb. 26 2016. (Rolex Dela Pena, Pool via AP)
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China sought to restore confidence in its economy as financial leaders from G-20 nations gathered in Shanghai Friday, and Premier Li Keqiang urged greater global coordination and consideration of policy spillovers. But Germany appeared to all but rule out coordinated stimulus to counter a deepening global chill, and U.S. Treasury Secretary Jack Lew said there was no need for a crisis response, as in 2009 when the Group of 20 major economies agreed on coordinated stimulus to prevent a worldwide depression. Overhanging the summit of major economy finance ministers and central bankers are global concerns about China's ability to manage its domestic markets, currency and commitment to wider restructuring reforms.China's central bank Governor Zhou Xiaochuan repeated assurances the country would not stage another devaluation of its currency, the yuan, to support the economy. Zhou said China had monetary policy wiggle room, a statement echoed on the fiscal side by the Chinese finance ministry.
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