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U.S., China pledge deficit, demand steps

U.S., China pledge deficit, demand steps (by Steve Goldstein)

WASHINGTON (MarketWatch) -- A joint statement between the U.S. and China saw pledges for the U.S. to reduce its medium-term federal deficit and for China to take additional steps to boost domestic demand. The statement also calls on the U.S. to maintain vigilance against excess volatility in exchange rates while China will continue to promote yuan exchange rate reform and flexibility. Both sides pledged to continue to pursue "forward-looking monetary policies" and support for European efforts to reinforce market stability, and China pledged to strengthen its efforts to protect intellectual property.