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China's vice finance minister says Fed hike to have "significant impact"

Published 03/23/2014, 06:28 PM
Updated 03/23/2014, 06:31 PM

Investing.com - China at the weekend said it is concerned about Federal Reserve timing in increasing interest rates, noting any move to do so after the prolonged period of easy policy will have a "significant impact" on the U.S. and world economies.

China's Vice-Finance Minister Zhu Guangyao said his government needs to know more after U.S. Federal Reserve Chairwoman Janet Yellen last week discussed the timing of a rate hike as early as 2015.

"The basic judgement, if there is no big accident, is that within six months after the Fed fully exits from its unconventional monetary policies, the Federal Reserve Bank will launch the process of raising interest rates and that will have a significant impact on the United States and the world economy as well," Zhu said at the China Development Forum.

Yellen defined a "considerable time" after the end of quantitative easing that rates would stay at zero as probably meaning "something on the order of around six months, that type of thing."

China has repeatedly called on the Federal Reserve to monitor the impact of its policy-making on the global economy.

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