NUSA DUA, Indonesia: China’s central bank governor on Sunday (Oct 14) sought to cool the temperature on a brewing trade-and-currency war with…
NUSA DUA, Indonesia: China’s central bank governor on Sunday (Oct 14) sought to cool the temperature on a brewing trade-and-currency war with the United States, calling for “constructive solutions” as the spat threatens to knock the world economy.
Speaking on the last day of the IMF-World Bank annual meetings in Bali, Yi Gang warned that the stakes could hardly be higher and cautioned that a clash between the world’s two biggest economies was a “lose-lose” situation.
“Trade tensions… cause negative expectations, negative uncertainties,” the People’s Bank of China head told a seminar with other top central bankers on the Indonesian holiday island.
“There are tremendous uncertainties ahead of us.
“The whole world should work together to seek constructive solutions,” he added.
Yi said he had spoken to central bank governors and other top officials from a string of nations amid a tit-for-tat US-China tariff battle and Washington’s accusations that China was unfairly pushing down the value of its yuan currency to boost exports.
