Now is not the right time for the United States to raise interest rates, given the global economic situation, China’s Finance Minister Lou Jiwei said in an interview published in the China Business News on Monday.
Speaking on the sidelines of the annual meeting of the World Bank and International Monetary Fund in Lima, Lou said developed economies were to blame for the global economic malaise because their slow recoveries were not creating enough demand.
“The United States isn’t at the point of raising interest rates yet and under its global responsibilities it can’t raise rates,” Lou was quoted as saying.
The finance minister said the United States “should assume global responsibilities” because of the dollar’s status as a global currency.
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