China rejected G20 criticism of its export-driven growth at the finance ministers’ meeting in Asheville, North Carolina, with the central bank denying on Wednesday that Beijing deliberately pursues trade surpluses or plans to weaken the yuan.
People’s Bank of China Governor Pan Gongsheng told the gathering the country stays committed to expanding domestic demand, state broadcaster CCTV reported. He pushed back against the view that China’s current-account position stems from a policy of chasing surpluses rather than structural factors.
“Addressing global imbalances requires all parties to act,” Pan said, framing the adjustment as a shared responsibility rather than a China-specific problem. The central bank released a written summary of his remarks after the session.
Beijing also accused the G20 of “promoting protectionism” in its statement on China’s reliance on exports. The response widened beyond trade to include criticism of United States sanctions on Iran and European trade measures aimed at Chinese goods.
The dispute lands as export strength continues to anchor Chinese growth, leaving Beijing exposed to pressure from trading partners running large deficits. Officials have repeatedly said the yuan will not be used as a tool to gain export advantage, a message echoed in earlier statements on monetary policy and domestic demand.
Pan’s pledge on the currency is aimed at reassuring markets that competitive devaluation is off the table, even as the pair trades in a managed band against the dollar. A weaker yuan would cushion exporters but risk capital outflows and fresh friction with Washington.
The central bank has leaned on domestic demand as the counterweight, arguing that stronger household consumption would narrow surpluses more durably than currency moves. Progress on that front has been uneven, keeping external balances a recurring point of tension at multilateral meetings.
For traders, the near-term test is whether the onshore yuan holds within its recent range against the dollar, with the 7.20 area the level desks are watching for signs of any policy tilt.