George Osborne, the British chancellor, has become the latest foreign finance official to get a lecture - albeit polite - from Beijing about the danger of too much developed world cash sloshing around the emerging markets.
Chinese vice premier Wang Qishan (pictured) told the visiting UK finance minister Osborne on Tuesday emerging markets were seeing large capital inflows, inflationary risks and a dampening of confidence. Wang did not name names, but his target was the US’s $600bn QE programme. Chinese criticism of American monetary policy shows no sign of fading before the G20 Seoul summit later this week.
“The global economy is gradually recovering, but there are still many uncertainties,” Wang said at the opening of an economic dialogue between China and Britain, as Reuters reported.