The imbalances of the global economy cannot be resolved by a free floating Chinese currency, instead, the problem needs to be addressed by bold multilateral responses, the United Nations Conference on Trade and Development (UNCTAD) said on Tuesday.

In a policy brief, the UN agency said that the burden of rebalancing the global economy should not be put on a single country and its currency. It argued that "to leave currencies to the vagaries of the market" would not help solving the problem.

The imbalances in world trade and the global economy actually lie in systemic failures, which require comprehensive and inclusive multilateral action, it said.

According to the policy brief, as a response to the current global crisis that originated elsewhere, China has done more than any other emerging economy to stimulate domestic demand, and as a result its import volume has expanded significantly.

Chinese private consumption increased by "a breakneck speed" of 9 percent in 2009 in real terms, dwarfing all the other major countries' attempts to revive their domestic markets, it said.