Lou Jiwei defends yuan policy


Lou Jiwei. Photo: Reuters
China's finance minister on Wednesday defended the country's currency interventions, saying it was difficult to take a hands-off approach when it came to the yuan, given an unsteady economy and abnormal capital inflows.

Speaking on the first day of annual high-level talks between China and the United States, Lou Jiwei said Beijing also faced challenges in managing hot money inflows resulting from the winding down of super-loose US monetary policy. The value of the yuan has been a thorny issue in bilateral ties between the world's two biggest economies, with US leaders saying that China suppresses its currency to boost its export sales.

China has always denied such accusations.

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