China ready for currency war: central bank official

The conflict could be avoided if major countries observe the consensus reached at a recent G-20 meeting to focus monetary policy primarily on the domestic economy, Yi Gang, deputy governor of the People's Bank of China, was quoted as saying by Xinhua News Agency.

G-20 members “had shown no signs of scaling back monetary easing that has injected a flood of cash into global markets,” the report said, highlighting a 2o-per-cent devaluation of the yen against the U.S. dollar under Japanese Prime Minister Shinzo Abe.

“China is fully prepared,” Yi told Xinhua. “In terms of both monetary policies and other mechanism arrangements, China will take into full account the quantitative easing policies implemented by central banks of foreign countries.”

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