US ‘unwilling to compromise' on derivatives rules, China vice-minister of finance says

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The US is obstructing efforts to harmonise regulation of cross-border derivatives trading, China's vice-minister of finance Zhu Guangyao argues in an extensive new report on the Chinese economy.

"Some differences still exist in accounting practices, and the US is unwilling to compromise," Zhu says. "The standardisation of accounting systems [for cross-border derivatives] has an important global impact, and remains an urgent issue that needs to be addressed."

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