China’s Bank Regulator Warns Dollar Dominance Is Seed of Crisis
- CBIRC’s Guo says Fed stimulus may lead to financial crisis
- Guo warns rising bad debts at Chinese banks, leverage risks
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China’s top banking watchdog cautioned that U.S. dollar dominance combined with the massive stimulus unleashed by the Federal Reserve could push the world to the edge of another financial crisis.
In a rare act of public criticism, China Banking Regulatory Commission Chairman Guo Shuqing also lashed out at developed nations seeking to divert blame from their own failures to contain the virus outbreak and moves by the U.S. to blacklist Chinese companies and entities.