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Author: WASHINGTON, Oct 22 (Reuters)
China slams IMF over forex, calls for bigger role China on Monday said the world economy faced significant risks and the International Monetary Fund should have better things to do than criticize Beijing over its yuan currency. "Growth in some major developed countries has slowed down since the second quarter, reflecting a significant downside risk in the global economy," said Vice Finance Minister Li Yong in a statement to the IMF annual meeting. "At the same time, there is a widening gap between the north and the south, unbalanced global economic development, (a) resurge in trade protectionism, high oil prices, unstable exchange rates in the world major currencies and increasing pressure of expected high inflation," Li said. The Group of Seven wealthy industrialized nations on Friday called on China to allow its yuan currency to appreciate faster, while IMF Managing Director Rodrigo Rato on Sunday said that the yuan was "considerably undervalued".
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