China's central bank governor defends policies on global imbalances
Pan Gongsheng, the People's Bank of China chief, argued global imbalances need a wider view than current accounts and exchange rates, while Finance Minister Lan Foan told European officials in Bangkok that Beijing is ready to cooperate with the EU.
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What happened
China's central bank governor, Pan Gongsheng, urged a broader view of global imbalances beyond current account and exchange rate adjustments, defending China's policies against trade partners' criticism. At a closed-door event in Bangkok, he promoted yuan assets to investors and outlined plans to expand their role in global markets. Chinese Finance Minister Lan Foan separately told senior European officials in Bangkok that Beijing is ready to work with the EU on global economic imbalances.
Why it matters
The remarks come as trade partners have criticised China's policies. China is signalling it wants closer economic coordination with Europe on imbalances.
Timeline
- Oct 15: Pan Gongsheng called for looking beyond current account and exchange rate adjustments when addressing global imbalances.
- Oct 16, 2:34 AM ET: Pan touted yuan assets at a closed-door event in Bangkok and outlined plans to expand their global role.
- Oct 16, 4:07 AM ET: Finance Minister Lan Foan told senior European officials in Bangkok that Beijing is ready to work with the EU.
Coverage
- China signals readiness to work with EU on global economic imbalances (News.az)
- China ready to cooperate with EU in tackling global imbalances (wtaq.com)
- China central bank chief touted yuan assets to investors, Bloomberg News reports (Reuters)
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