Too many dollars rolling off Washington’s printing presses are giving China a huge case of “imported inflation,” according to Chinese Commerce Minister Chen Deming.

"Given the current situation, companies have thought ahead and prepared for exchange rate fluctuations as well as an increase in labor costs," Chen said, Breitbart.com reports.

"But because the issuance of dollars is out of control, and international commodities prices are continuing to rise, China is confronted with imported inflation, which has created major uncertainties for businesses.”

While Beijing pledged several months ago that it would allow the yuan to trade more freely, U.S. and European policymakers believe the currency is still undervalued by as much as 40 percent.

Critics of China in the U.S. assert that the Chinese government is artificially undervaluing its currency to give itself an unfair advantage in exporting goods.

China's central bank recently set the central parity rate at 6.6912, weaker than the 6.6762 on Tuesday. The yuan can trade up or down 0.5 percent from that mark.

The Wall Street Journal reports that Axel Weber, a key member of the European Central Bank’s governing council, says that China's hoarding of foreign-exchange reserves is making the global economy more vulnerable to adverse shocks.

Weber also said a more flexible exchange-rate regime would help China to "redirect growth" from export to stronger domestic demand, and that the recent appreciation of the Chinese yuan "is a welcome further step towards appropriate valuation."