Chinese President Xi Urged G20 Wealthy Nations to Contain Fallout of Rate Hikes

photo credit: Money Control

Chinese President Xi Jinping was reportedly to have asked the G20 wealthy nations to reduce the fallout from interest rate hikes, as the US Federal Reserve moves aggressively to fight inflation.

“We must contain global inflation and resolve systematic risks in the economy and finance,” Xi was quoted as saying in the summit of the 20 major economies which is taking place in Bali on Tuesday

“Developed economies should reduce the negative spillover effects of their monetary policy adjustments and stabilise debts at a sustainable level,” Xi remarked.

President Xi was addressing the summit a day after meeting US President Joe Biden.

The Federal Reserve has raised interest rates to their highest level since before the 2008 financial crisis as it seeks to tighten money supply in an effort to wrestle back inflation.

The US monetary stance has pushed the dollar up to levels not seen in two decades, causing distress for developing economies that rely on exports or that are trying to curb inflation themselves

Xi in his remarks to the G20 offered possible veiled criticism of Russia, which has attacked Ukraine’s energy infrastructure and, until a UN-brokered deal, had been blocking vital exports of Ukrainian wheat.

“We must firmly oppose politicisation, instrumentalisation and weaponisation of food and energy problems,” Xi said.

He also repeated his familiar opposition to Western sanctions and warned against aggravating differences among countries.

“Drawing ideological lines and stirring up opposition among political blocs and factions will only divide the world and obstruct the advancement of humankind,” he said.

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