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China Blames Fed’s QE Policy for High Currency Volatility

China says the U.S. program of asset-purchases known as quantitative easing is increasing the volatility of emerging-market currencies.

The Asian nation and many others have criticized “this irresponsible and beggar-thy-neighbor policy” because it has a “lingering negative impact on developing, emerging economies in particular,” Zhu Hong, China’s deputy permanent representative to the World Trade Organization, said in meeting today in Geneva, according to a statement issued afterward.

The U.S. Federal Reserve said in September it would buy $40 billion of mortgage-backed debt each month in a third round of its stimulus program intended to put downward pressure on borrowing costs to help foster growth. The U.K. and Japan have also undertaken QE since the start of the global financial crisis in 2007.

Currency volatility was a result of “the quantitative-easing monetary policy pursued by some government whose currency serves as the major currency for international payment, and in the unfair international monetary and financial system,” Zhu said, according to the statement. “The right path to resolve this issue is by enhancing the responsibility of and promoting coordination among the international reserve-currency issuers.”

The WTO meeting today was proposed by Brazil on the relationship between currencies and global trade. The International Monetary Fund, and not the Geneva-based WTO, was the proper forum to discuss exchange rates, Zhu said.

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