A senior International Monetary Fund (IMF) official has tried to dampen talks of a global currency war.
John Lipsky, the first deputy managing director of the IMF, told a meeting in Shanghai that using currency as a weapon is harmful to the world economic recovery. Lipsky also welcomed China's decision in June to allow greater flexibility of its currency.
The IMF conference comes ahead of the G20 meeting of central bankers and finance ministers in South Korea this weekend.
"There's no currency war," Lipsky said. "Policies taken by developed nations should be seen in the context of addressing low growth and low inflation..."
(CNTV.cn October 20, 2010)