Germany's economy minister is quoted as saying that China bears great responsibility for ensuring that currency tensions don't escalate into what could become a "trade war."

Rainer Bruederle is currently visiting China. He told Wednesday's edition of the Handelsblatt daily that, while the yuan has gained value in recent years, there are still imbalances and he is seeking a further appreciation of the Chinese currency.

The head of the IMF last week warned of the risk of a currency war. Bruederle was quoted as saying: "we must take care that the currency war doesn't turn into a trade war."

He added that "China carries a lot of responsibility for ensuring that there is no escalation."