One of the most outstanding bankers explained Beijing is ready for a currency war as he urged the world to abide by a consensus reach by the G20 to avoid confrontation, state media reported on Saturday.
Yi Gang, deputy governor of China’s Central Bank, made this statement after G20 finance ministers last month failed drifted to calm fears of an imminent war on the currency markets at the meeting in Moscow.
Those fears have largely been incited by the recent steep turn down in the Japanese Yen, which critics have accused Tokyo of manipulating to give its manufacturers a competitive edge in key export markets over Asian rivals.
Yi Gang explained a currency war could be avoided if major countries examined the G20 consensus that monetary policy should primarily serve as a tool for domestic economy as the Xinhua report described it.
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