The head of China’s central bank spoke on Thursday at a meeting of G20 finance ministers and central bank governors in Bangkok,
defending his country’s economic policy and calling for a broader approach to addressing global imbalances—one that goes beyond traditional measures.
According to a statement from the People’s Bank of China, Governor Pan Gongsheng told the finance ministers and central bank chiefs that analyzing global imbalances requires a more comprehensive perspective.
Pan argued that policymakers should examine not only the current account—which reflects trade in goods and services—but also capital flows through financial channels.
He added that adjusting exchange rates alone is insufficient to resolve global imbalances.
Pan emphasized that both deficit and surplus nations must work together to achieve a dynamic equilibrium in the global economy.
These remarks come amid mounting pressure from European leaders, who are urging China to strengthen the yuan in light of the country’s growing trade surplus.