China rejects G20 trade-imbalance criticisms

China has fired back at critics of its trade imbalances at a Group of 20 gathering, reports the South China Morning Post. The rebuttal comes from the central bank, which denied that Beijing deliberately pursues trade surpluses, while also vowing that it would not weaponize the yuan to boost exports.

In the face of concerns over export reliance, People’s Bank of China governor Pan Gongsheng said the country remained committed to expanding domestic demand. “Addressing global imbalances requires all countries to promote their own structural reforms,” Pan was quoted as saying during the two-day G20 meeting of finance ministers and central bank governors.

Pan’s remarks came amid renewed scrutiny over China’s trade surplus, which hit a record $1.2 trillion last year. Speaking publicly after the G20 meeting, US Treasury Secretary Scott Bessent called China’s current account surplus “unsustainable” and cited opposition from Beijing as the reason the group failed to issue a unanimous statement.