Little chance, it seems, of the currency wars abating before this week’s G20 Summit in Seoul. With officials from emerging markets increasingly open about warning about the potential impact on their countries of the US liquidity drive, it is no surprise to see Beijing starting the week with another shot at Washington.
As Reuters reports from Beijing, Zhu Guangyao, the vice minister of finance, said at a briefing on Monday:
As a major reserve currency issuer, for the United States to launch a second round of quantitative easing at this time, we feel that it did not recognise its responsibility to stabilise global markets and did not think about the impact of excessive liquidity on emerging markets.
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