The head of the Chinese central bank has spoken out against the competitive devaluation of national currencies

Almaty. February 26. Silkroadnews - China opposes the competitive devaluation of the national currencies, China’s central bank governor Zhou Xiaochuan said.
“China won’t use competitive devaluation to enhance export competitiveness,” - said Zhou Xiaochuan at the press-conference ahead of meeting of finance chiefs from the Group of 20 major economies.
He denied the blames for such actions sounded towards China for the recent months.
“China’s overall exports remain strong, last year our positive balance of trade in goods approached $600 billion,” - Zhou Xiaochuan said.
As for the system financial risks in the Chinese economy, he mentioned the high level of debt.
“The ratio of debt to GDP is relatively high and continues to grow. It is necessary to pay greater attention to this problem,” - he stressed.
A meeting of heads of central banks and the G20 Finance Ministers opened in Shanghai, its participants are to work out the joint measures to overcome the global economic problems. The most acute differences are expected to arise over the issue of the leading states’ monetary policy, which inconsistency can cause the turmoil in the global financial and commodity markets.