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Shafaq News
11-04-2025
- Business
- Shafaq News
Asian finance officials warn of US tariff impact
Shafaq News/ Finance and central bank officials from China, Japan, South Korea, and Southeast Asian nations met this week to discuss the growing impact of US tariffs on global and regional economies, China's central bank said on Friday. Xuan Changneng, deputy governor of the People's Bank of China, joined counterparts from Japan, South Korea, and the Association of Southeast Asian Nations (ASEAN) at regular finance and central bank deputies' meeting held April 8–9 in Malaysia, according to the statement. 'The meeting discussed the impact of US tariffs on the global and regional economic outlook, as well as ways to strengthen the Chiang Mai Initiative Multilateralization (CMIM) and the ASEAN+3 Macroeconomic Research Office (AMRO),' the central bank said, adding that officials reached a broad consensus on the need to deepen policy coordination and reinforce the region's financial safety net. The gathering comes amid heightened global concerns over US trade policy, after President Donald Trump last week imposed sweeping tariff hikes on imports from more than 180 countries, with rates ranging from 10% to 50%. While he granted a 90-day suspension for most countries, China was excluded, with tariffs on its goods raised to 125%. Beijing responded on Thursday, accusing Washington of applying 'maximum pressure' and turning tariffs into a weapon, vowing not to yield to what it described as coercive tactics. A White House official later confirmed that US tariffs on Chinese imports have now reached 145% following the latest increases.
Reuters
27-03-2025
- Business
- Reuters
China's central bank says debt level rising, easing on track
BOAO, China, March 27 (Reuters) - China's overall level of debt has topped 300% of GDP and is likely to climb further, but the central bank will continue to ease policy when needed, Xuan Changneng, deputy governor of the People's Bank of China, said on Thursday. "China's stance on implementing an appropriately loose monetary policy is clear, and there is ample room for monetary policy manoeuvres," Xuan said at the annual Boao Forum. "The ratio of M2 (money supply) to GDP has exceeded 200%, and the macro leverage ratio has surpassed 300%, with both indicators continuing to rise further". China's macro leverage ratio, which measures the economy's overall indebtedness, has been rising steadily as the government seeks to bolster economic growth. Xuan reiterated that the central bank would cut the reserve requirement ratio and interest rates at an appropriate time, depending on domestic and international economic and financial conditions, as well as the performance of financial markets. Central bankers worldwide face "unprecedented" uncertainties due to the impact of geopolitics and de-globalisation, and increased global financial market volatility, Xuan added. Analysts expect China's central bank, which has kept its key interest rates and RRR - the amount of cash that banks must hold as reserve - steady in recent months, to ease policy further as the economy feels more of a pinch from rising U.S. tariffs.
