Nusa Dua (Indonesia) - (AFP) - Chinese President Xi Jinping on Tuesday called on the rich G-20 countries to limit the repercussions of raising interest rates, at a time when the US Federal Reserve is tightening its policies to combat inflation.
"We must control global inflation and resolve systemic risks in the field of economy and finance," Xi said at the G20 summit in Bali.
"Advanced economies must reduce the negative repercussions of adjustments in their monetary policy and ensure debt stability to remain at a sustainable level," he added.
The Federal Reserve raised interest rates to their highest level since before the 2008 financial crisis, as it seeks to curb rising inflation.
This US monetary move led to a rise in the value of the dollar to levels not seen in two decades, putting pressure on developing economies that depend on exports and are also trying to reduce inflation.
Xi's remarks to the summit came the day after his meeting with US President Joe Biden.
His talks with Biden seemed friendly, as the two presidents indicated their desire to reduce the tension that the relationship between the two countries witnessed in recent months.
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Xi Jinping calls on the G20 countries to limit the repercussions of raising interest rates