China rejects G20 trade-imbalance claims, says no need to devalue yuan
China has fired back at critics of its trade imbalances at a Group of 20 gathering, with the central bank firmly denying that Beijing deliberately pursues trade surpluses, while also vowing that it would not weaponise the yuan to boost exports. In the face of concerns over export reliance, People’s Bank of China governor Pan Gongsheng said the country remained committed to expanding domestic…
China has rebuffed criticism of its trade imbalances during the Group of 20 summit, asserting it does not intentionally create trade surpluses and vowing not to manipulate the yuan for export growth. People’s Bank of China governor Pan Gongsheng stated that China is committed to boosting domestic demand and that resolving global imbalances requires all countries to undertake structural reforms.
He emphasized that deficit countries should reduce fiscal deficits and raise saving rates, while surplus nations should encourage consumption and investment growth. China rejected calls for currency devaluation as a means of gaining trade advantage and did not support proposals for the IMF to intensify surveillance of global imbalances' structural drivers.
Foreign ministry spokesperson said China "deeply regrets" the inability to secure a unanimous statement at the G20 meeting, urging member countries to address global economic issues in an impartial, equitable, and balanced manner.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
