China rejects US 'medicine'
Source: Agencies |
November 12, 2010, Friday
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Print Edition
Print Edition
CHINA said yesterday that the US Federal Reserve's move to ease monetary policy risked undermining the global economic recovery, adding that Washington "should not force others to take medicine for its own disease."
A senior Chinese central bank official told reporters at the G20 summit in Seoul that the Fed's move caused "strong concern" around the globe, and major reserve countries ought to factor in the global impact of their policies.
Zhang Tao, director of the international department of People's Bank of China, also warned that disorderly capital inflows resulting from the Fed's action could hurt emerging markets.
"For emerging countries, capital inflows may lead to significant increase in asset prices and foreign exchange reserves, and many countries are concerned," he said.
"Doubtlessly, disordered international capital inflows will make emerging countries very vulnerable. As emerging countries are important for the global economic recovery, that will greatly increase the downward risks in the world economy."
Referring to an idea floated by the US for numerical targets for trade imbalances, the Chinese Foreign Ministry said it was "not realistic" to have a target that fits all.
A senior Chinese central bank official told reporters at the G20 summit in Seoul that the Fed's move caused "strong concern" around the globe, and major reserve countries ought to factor in the global impact of their policies.
Zhang Tao, director of the international department of People's Bank of China, also warned that disorderly capital inflows resulting from the Fed's action could hurt emerging markets.
"For emerging countries, capital inflows may lead to significant increase in asset prices and foreign exchange reserves, and many countries are concerned," he said.
"Doubtlessly, disordered international capital inflows will make emerging countries very vulnerable. As emerging countries are important for the global economic recovery, that will greatly increase the downward risks in the world economy."
Referring to an idea floated by the US for numerical targets for trade imbalances, the Chinese Foreign Ministry said it was "not realistic" to have a target that fits all.
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