World Bank chief economist against China currency rise

China should not be forced to let its currency appreciate as a way of rebalancing the world economy, The Wall Street Journal  reported, citing World Bank Chief Economist Justin Yifu Lin. The remarks run contrary to calls from the International Monetary Fund and US, EU and Asian policy makers for a rise in the renminbi’s value. "Currency appreciation in China won’t help this imbalance and can deter the global recovery," Lin said. Officials from the US, Europe and the IMF have called for China to allow its currency to strengthen as a way to get Beijing to boost domestic consumption and to rely less on exports. Such rebalancing is necessary, they argue, to produce more sustainable global growth. A recent World Bank report endorsed the need for rebalancing but didn’t specifically address the currency issue.