Bloomberg News

China EXIM Bank Chairman Says Yuan Not Cause of Global Imbalance

November 09, 2011

Nov. 10 (Bloomberg) -- Export-Import Bank of China Chairman Li Ruogu said the yuan’s exchange rate wasn’t the cause of global imbalances and that continuing to badger China over its currency won’t help Europe or the U.S. to resolve the current crisis.

The U.S. and Europe are pushing for yuan appreciation after their policy easing led to a weakening of their own currencies, Li said at a conference in Beijing today. China’s exchange rate should follow its own agenda and needs instead of being decided by the U.S. or Europe’s monetary policy needs, Li said.

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