"China knocks US plan to pump money into system"

BEIJING (AP) -- "The U.S. Federal Reserve's move to pump hundreds of billions of dollars into the financial system will bring greater volatility to markets worldwide, a Chinese official said Monday.

The step will create new waves of cash sloshing in and out of countries in search of short-term profits, vice finance minister Zhu Guangyao told reporters at a news conference to discuss the Group of 20 meeting of major advanced and developing nations in Seoul, South Korea later this week.

The U.S. decision "does not recognize, as a country that issues one of the world's major reserve currencies, its obligation to stabilize capital markets," Zhu said, referring to the global use of the dollar as the currency in which nations store the bulk of their foreign reserves.

"Nor does it take into consideration the impact of this excessive fluidity on the financial markets of emerging countries," he said."