China says only joint action, not exchange rates alone, can address global imbalances

China’s central bank chief has said exchange-rate adjustments alone cannot resolve global economic imbalances, urging surplus and deficit economies to share responsibility for addressing them. He also pledged to promote yuan-denominated bonds as “eligible collateral widely recognised and accepted globally”. Speaking at the third G20 finance ministers and central bank governors’ meeting in Bangkok on Thursday, Pan Gongsheng, governor of the People’s Bank of China, called for a “more comprehensive