Raipur: Trade between India and China is surging but the gap is widening in favour of the latter, Reserve Bank of India (RBI) chairman D. Subbarao said on Tuesday.
Trade between the two countries surged five times in the past decade while Chinese exports to India are 10 times Indian exports to China, Subbarao told students of the Indian Institute of Management-Raipur (IIM-Raipur) while making a presentation on the working of the RBI.
"It is decisively in favour of China but China is keeping its currency Yuan low that 'hurts' India in some ways," he added.
Subbarao later laid a foundation stone for RBI office at Naya Raipur, the upcoming capital of Chhattisgarh. He also praised Chhattisgarh for making ‘impressive progress’.
Chief Minister Raman Singh was also present at the event.