Chinese vice premier meets former Fed Chairman Paul Volcker

22:03, November 08, 2010      

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Chinese Vice Premier Wang Qishan (R) meets with Paul Volcker (L), chairman of the U.S. Economic Recovery Advisory Board, in Beijing, capital of China, Nov. 8, 2010. (Xinhua/Xie Huanchi)

Chinese Vice Premier Wang Qishan met with Paul Volcker, chairman of U.S. President Barack Obama's Economic Recovery Advisory Board, in Beijing Monday.

The two sides exchanged views on the current international economic and financial situation and Sino-U.S. economic relations.

The U.S. Federal Reserve (Fed) said Nov. 3 it will conduct a second round of quantitative easing, which has been dubbed "QE2."

The Fed plans to purchase 600 billion U.S. dollars worth of government bonds in a bid to revive the sluggish U.S. economy.

Volcker, a former Fed chairman, said last week QE2 will lead to massive capital inflows into emerging markets and create asset bubble problems.

China maintains that the loose currency policy of the U.S. will likely saddle China with imported inflation as "hot money" will flood its capital markets.

Volcker has repeatedly criticized the Fed's quantitative easing plans.

Source: Xinhua


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