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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World China leads criticism of US Fed policy move AFP - Saturday, November 6 Send IM Story Print China leads criticism of US Fed policy move Slideshow: Full Photo Coverage: Business & Economy BRUSSELS (AFP) - – A Federal Reserve decison to pump more cash into the struggling US economy got a chilly reception Friday from global economic powerhouses, where officials doubted its usefulness and warned it could even spark a fresh crisis. China, Germany, Brazil and France all voiced reservations about the move, in which the Fed plans to inject another 600 billion dollars (422.5 billion euros) into the economy. Through a process known as quantitative easing, the Fed will buy up US Treasury securities in a bid to get more cash into the hands of companies and consumers by making long-term borrowing cheaper. A European official, who asked not to be named, cautioned that the policy "at the end of the day might be dampening the recovery of the euro area." He added that the question should be raised at a summit in Seoul November 11-12 of the Group of 20 emerging market and industrialised nations. The fear in Europe is that adding so much liquidity to the US economy will dilute the value of the dollar, which would tend as a consequence to weaken the US unit against the euro. A stronger euro is often seen as putting upward pressure on eurozone exports, making them more expensive and less competitive. Chinese officials meanwhile said they wanted an explanation of why the Fed had chosen to go ahead with a new round of quantitative easing. Such action, they said, might make sense for the United States but for other countries there was a price to be paid as the dollar slumped, hitting their exports, and developing countries were flooded with capital seeking a safer home. The Fed hope its action will boost demand and so get the US economy back on track, reducing the worst unemployment in years which has remained stubbornly high despite earlier QE of some 1.5 trillion dollars. If the US economy, the world's biggest, can get out of the doldrums, it argues, then that will be good for everyone by helping power global growth. For China, that seems to be no longer good enough. "If there is no restraint in issuing major global currencies such as the US dollar, the occurrence of another crisis is inevitable," said Xia Bin, an adviser to the Poeple's Bank of China, according to the Beijing News. Dubbing the US action abusive, Xia called on developing countries to take measures to "prevent hot money inflows from impacting their economy." PBoC governor Zhou Xiaochuan told a forum in Beijing that US move was "not necessarily optimal for the world ... It may cause a lot of negative impacts for the world economy." The issue is specially sensitive for China given tensions over the yuan with Washington, which says the Chinese currency is kept undervalued to gain an export advantage at its expense. For China, and other Asian countries such as Japan and South Korea running massive trade surpluses with the United States, the Fed action appears designed expressly to make their exports more expensive. Pointedly, Vice Foreign Minister Cui Tiankai, China's top negotiator on Group of 20 issues, called for an explanation of US policy. "It would be appropriate for someone to step forward and give us an explanation. Otherwise, international confidence in the recovery and growth of the global economy might be hurt," Cui said, only days ahead of the G20 summit in South Korea where currency issues will likely top a heavy agenda. Brazil, which has already warned of the dangers posed by a "currency war" was equally blunt. "Everyone wants the US economy to recover but it does no good to inject massive amounts of money into the economy because that will not get growth moving again," Brazilian Finance Minister Guido Mantega said. "The only result is a devaluation of the dollar so that the United States becomes more competitive in international trade," he added. German Finance Minister Wolfgang Schaeuble warned that the Fed measures would not work and only create more problems. "They have already pumped endless amounts of money into the economy with extremely high budget deficits (but) ... The results have been hopeless," he said on television channel ZDF. "I don't think that the Americans are going to solve their problems with this and I believe that it is going to create extra problems for the world," Schaeuble said on ARD public television late on Thursday. For France, Economy Minister Christine Lagarde expressed disappointment that it was the euro that would "bear the brunt" of the US action, with the single European currency rising steadily against the dollar in recent weeks. 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