The U.S. escalation of trade tensions won’t solve any of its problems but will create volatility in global markets and hurt the world economy, China’s top financial regulator said Saturday. Higher U.S. tariffs will have a “very limited” impact on China’s economy while hurting the U.S. about as much, said Xiao Yuanqi, spokesman for the China Banking and Regulatory Commission, reading a speech written by CBIRC Chairman Guo Shuqing. Many of China’s exports can be redirected to the domestic market as the nation shifts to a more consumption-driven economy, Xiao said at a forum in Beijing. China will also find new export ... (full story)