China says only joint action, not exchange rates alone, can address global imbalances
Por Sylvia Ma — South China Morning Post – News feed
Advertisement Yuan Economy Global Economy China says only joint action, not exchange rates alone, can address global imbalances
Beijing calls for cooperation to tackle economic challenges, from protectionism and financial market volatility to risks linked to AI valuations
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Sylvia Ma in Shanghai Published: 2:13pm, 16 Oct 2026 Updated: 2:27pm, 16 Oct 2026
China’s central bank chief has said exchange-rate adjustments alone cannot resolve global economic imbalances, calling on surplus and deficit economies to share responsibility for addressing them.
Speaking at the third G20 finance ministers and central bank governors’ meeting in Bangkok on Thursday, Pan Gongsheng, governor of the People’s Bank of China (PBOC), called for a “more comprehensive analytical perspective” on global imbalances.
“We should look beyond the current account to financial channels, paying greater attention to how financial factors such as capital flows affect imbalances, particularly as global financial integration deepens,” he said, according to a PBOC readout.
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