Cameron warns China over currency devaluation

Prime Minster David Cameron has warned China it must correct its trade imbalance amid concern the country is deliberately devaluing its currency to boost exports.

Cameron, speaking at Peking University during a trade trip with business leaders, waded into the currency war of words and said China's large trade surplus - attributed to the weakness of the yuan - could damage other economies and trigger protectionism. In an apparent swipe at China's weak currency, Cameron said some countries with current account surpluses have been saving too much while others facing large deficits, such as the UK, have been saving too little. The result, he said, has been a dangerous "tidal wave of money" shifting from one side of the world to the other. The globa...