Full coverage: G20 Hangzhou Summit

Ahead of the G20 summit, the People's Bank of China has given assurance that China would take an active role in maintaining financial stability and improving global economic governance.

Coordinating macroeconomic policy, deepening structural reform and promoting openness and inclusive growth. These buzzwords came up at a press conference ahead of the summit of the Group of 20 major economies in Hangzhou.

Deputy Governor Yi Gang said the People's Bank of China is playing an active role in the G20's Finance Track, dealing with issues of International Financial Architecture, Financial Sector Reforms, and Green Finance.

"G20 members agreed on a multi-pronged approach of using all policy tools--monetary, fiscal, and structural-- to reach consensus to support economic growth. This marks a milestone in the G20's recent history of macroeconomic policy coordination," Yi said.

Yi Gang also said G20 members reiterated their commitment to not devalue their currencies for competitive purposes.

For the first time, they agreed to consult with each other on foreign exchange markets. China has resumed the International Financial Architecture Working Group under its G20 presidency and examined using the IMF's Special Drawing Rights more broadly.

"The Renminbi will be included into the SDR currency basket on October 1st. China has already started to report its foreign currency reserves, balance of payments, and international investment position in both SDR and US dollar terms," Yi said.

The G20 will also discuss Green Finance for the first time this year to support the country's transition into a low-carbon economic growth model.

Yi Gang said the G20 members will focus on how to stimulate the sluggish world economy, through open and inclusive trade, and the development of financial markets. The G20 Summit will issue the Hangzhou Action Plan and make new macroeconomic policies to boost strong, sustainable, and balanced growth.