China's vice finance minister has praised Federal Reserve Chair Janet Yellen for her clear communication to financial markets and G20 partners and her cautious approach, telling CNBC that the mainland is hoping Fed policy will have a positive impact on its economy.
As a "real superpower," the Fed has a big spillover effect on the world, Zhu Guangyao said in an interview on Friday in Washington.
"We hope that's positive spillover and largely reduces negative spillover. We found the Federal Reserve very cautious in their process and (it) takes us into consideration," he said, noting that Fed policy is still largely based on the U.S. economic situation.
But as the mainland's economy slows amid a transition away from manufacturing- and investment-led growth and toward domestic consumption, some analysts believe Yellen's dovishness gives China breathing room to progress on its economic and currency reforms.