China's state media on Monday accused the United States of "double standards" and blamed the loose monetary policies of the world's biggest economy for triggering global currency tensions.
The criticism of US monetary policy and its weakening dollar comes as Washington maintains pressure on Beijing over its yuan exchange rate, which US lawmakers claim is grossly undervalued and causing global trade imbalances.
US policies of "printing money" and holding interest rates near zero were the main cause of the currency dispute, said a commentary by the Xinhua news agency, carried Monday in the central bank-backed Financial News.
"In the eyes of some American politicians it is entirely reasonable to print money and keep the dollar exchange rate low, but it is illegal for other countries to protect their economic and financial security by pushing down exchange rates," it said.
"This is clearly a double standard."
On Friday, the United States delayed a controversial report on China's currency until after a key Group of 20 summit in Seoul in mid-November, averting for now a showdown between the two superpowers.
It also comes as the International Monetary Fund (IMF) meets central bank officials in Shanghai on Monday to discuss ways to strengthen the global economic recovery, amid mounting fears of a damaging all-out currency war.
The People's Bank of China is hosting the conference, bringing together central bank chiefs and other officials from Asia, Africa, Europe, and North and South America, the IMF said.
China is under mounting pressure to allow a strengthening of the yuan, which critics say is undervalued by as much as 40 percent and gives Chinese exports an unfair trade advantage.
Beijing pledged in June to allow limited currency reform, since when the yuan has risen less than three percent against the dollar.
Currency tensions boiled over at the recent annual meetings of the IMF in Washington, with China rejecting calls for a quick revaluation.
In recent weeks a number of countries including Japan have intervened to reduce the value of their units, fuelling fears of a worldwide currency war as some economies seek to export their way out of the global downturn.
China's central bank set the yuan central parity rate -- the middle of the currency's allowed trading band -- at 6.6541 to the dollar on Monday, weaker than Friday's rate of 6.6497.
The criticism of US monetary policy and its weakening dollar comes as Washington maintains pressure on Beijing over its yuan exchange rate, which US lawmakers claim is grossly undervalued and causing global trade imbalances.
US policies of "printing money" and holding interest rates near zero were the main cause of the currency dispute, said a commentary by the Xinhua news agency, carried Monday in the central bank-backed Financial News.
"In the eyes of some American politicians it is entirely reasonable to print money and keep the dollar exchange rate low, but it is illegal for other countries to protect their economic and financial security by pushing down exchange rates," it said.
"This is clearly a double standard."
On Friday, the United States delayed a controversial report on China's currency until after a key Group of 20 summit in Seoul in mid-November, averting for now a showdown between the two superpowers.
It also comes as the International Monetary Fund (IMF) meets central bank officials in Shanghai on Monday to discuss ways to strengthen the global economic recovery, amid mounting fears of a damaging all-out currency war.
The People's Bank of China is hosting the conference, bringing together central bank chiefs and other officials from Asia, Africa, Europe, and North and South America, the IMF said.
China is under mounting pressure to allow a strengthening of the yuan, which critics say is undervalued by as much as 40 percent and gives Chinese exports an unfair trade advantage.
Beijing pledged in June to allow limited currency reform, since when the yuan has risen less than three percent against the dollar.
Currency tensions boiled over at the recent annual meetings of the IMF in Washington, with China rejecting calls for a quick revaluation.
In recent weeks a number of countries including Japan have intervened to reduce the value of their units, fuelling fears of a worldwide currency war as some economies seek to export their way out of the global downturn.
China's central bank set the yuan central parity rate -- the middle of the currency's allowed trading band -- at 6.6541 to the dollar on Monday, weaker than Friday's rate of 6.6497.
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