China’s central bank chief has said exchange-rate adjustments alone cannot resolve global economic imbalances, urging surplus and deficit economies to share responsibility for addressing them. He also pledged to promote yuan-denominated bonds as “eligible collateral widely recognised and accepted globally”. Speaking at the third G20 finance ministers and central bank governors’ meeting in Bangkok on Thursday, Pan Gongsheng, governor of the People’s Bank of China, called for a “more comprehensive...

Talk of global decoupling from China has persisted for years, as has speculation that emerging economies such as India and Vietnam could soon replace it as the “world’s factory”. But for Indian hardware engineer Neeraj Arora, the growth of India’s electronics manufacturing industry has not eliminated the need to source components from China. Instead, it has changed the nature of those imports. A decade ago, Arora imported finished phone chargers from the world’s second-largest economy. Today,...

As the US Treasury imposed historic fines on Bank of America over compliance failures involving Chinese money-laundering networks, analysts see the action as a signal that could prompt Western banks to tighten scrutiny of Chinese clients and cross-border transactions. The penalties, announced on Tuesday and totalling more than US$1.21 billion, included what the US Treasury described as its third-largest penalty on record and the largest in the history of the Office of the Comptroller of the...