Yuan policy 'hurting' neighbors

China's undervalued yuan is hurting Asia as much as the United States, and neighbors should help convince Beijing to let its currency rise, financial experts meeting in the Philippines said Wednesday. The Asian Development Bank-backed Asian Policy Forum also urged regional governments as well as Group of 20 leaders meeting in South Korea this month to take steps to avert possible currency and trade wars.

Masahiro Kawai, dean of the Tokyo-based ADB think-tank, the ADB Institute, said neighbors must urge China to relax its exchange rate controls to help ease a global current account imbalance.

Source: Global Times