PBOC's Chen Says Strong Dollar May Cause Emerging Market Crises

People’s Bank of China Deputy Governor Chen Yulu said appreciation in the U.S. dollar may fuel a crisis in emerging economies, and that the potential spillover effects of monetary easing by global central banks are increasing.

China’s central bank and the U.S. Federal Reserve should work more closely to counter a trend of weakening global coordination on economic policy, Chen said Tuesday at a PBOC—New York Fed joint symposium in Hangzhou, China.

On Saturday, Group of 20 finance chiefs agreed to consult closely on foreign exchange markets and reiterated past pledges to refrain from competitive devaluations, according to a final communique released in Shanghai.

— With assistance by Xiaoqing Pi, and Heng Xie

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