BEIJING, Oct 15 (Reuters) – China’s central bank governor called for looking beyond current account and exchange rate adjustments when it comes to global imbalances, in a further defence of China’s policies against trade partners’ criticisms.
• The People’s Bank of China (PBOC) Governor Pan Gongsheng urged a “more comprehensive analytical perspective” regarding global imbalances in a G20 meeting of finance ministers and central bank governors on Thursday in Bangkok, a central bank statement showed.
• Pan said attention should be paid not only to the current account, which covers goods and services trade, but also to money flows in financial channels, according to the statement.
• Global imbalances cannot be resolved through exchange rate adjustments alone, he said.
• Deficit and surplus countries should work in concert to achieve a dynamic equilibrium in the global economy, Pan was quoted as saying.
• As China’s trade surplus surges, European leaders have intensified calls for a stronger yuan.
• The PBOC pushed back against foreign criticism of its exchange-rate policy in a statement earlier this month, saying it neither needs nor intends to obtain a trade competitive edge through exchange-rate depreciation.
(Reporting by Yukun Zhang and Ryan Woo; Editing by Toby Chopra)
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