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.
