China’s Chen Warns on Currency Risk as Yen Slumps to ’09 Low

China’s Commerce Minister Chen Deming said he’s concerned at the risk of competitive devaluations as the yen slumped to the lowest level against the dollar in more than three years.

Large depreciations of major currencies “will have a big impact on China and other emerging nations,” Chen said today at a briefing in Beijing. He urged sticking to a Group of 20 pledge to avoid competitive devaluations and expressed concern at spillovers of money into emerging economies.