The US Federal Reserve is fuelling “speculative investments” and endangering global recovery through loose monetary policy, a senior Chinese official warned just hours before President Barack Obama arrived in China for his first visit.
Liu Mingkang, China's chief banking regulator, said the combination of a weak dollar and low interest rates had encouraged a “huge carry trade” that was having a “massive impact on global asset prices”.
The comments came as China and the US sparred at the Asia Pacific Economic Co-operation summit over exchange rate policies amid rising inter- national criticism that China's currency is undervalued.
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