In the short term, the RMB exchange rate adjustment does not seem to be very strong, but from 5 years to 20 years, the situation is different; supervision of developed countries, especially the reserve currency issuers, should be strengthened.
Zhou Xiaochuan, governor of the People's Bank of China, said in Washington recently that linking the reform of the International Monetary Fund (IMF) share with the RMB exchange rate is not a mainstream voice. He also said that China's currency reform will be carried out in a step-by-step manner, rather than taking the so-called "shock therapy."
On October 9, the 22nd Ministerial Conference of the International Monetary Fund's International Monetary and Financial Committee (IMFC) was held in Washington, DC. Zhou Xiaochuan pointed out that the current world economy is still recovering slowly, the pace of recovery in various regions is not consistent, and the overall uncertainty is still increasing. The foundation for the recovery of developed countries is still not stable. It should continue to accelerate financial restructuring and reform and rebuild a sound financial system. The recovery of emerging markets is relatively strong, and the macroeconomic policy framework is basically stable. However, it faces severe challenges such as rising inflationary pressures, changes in external demand, and large fluctuations in capital flows. It should vigorously stabilize the economy while continuing to promote structural reforms. The task of further developing the economy in low-income countries is still urgent and arduous. It is necessary for the international community, especially the developed countries, to continue to increase their support and earnestly fulfill their aid commitments.
Zhou Xiaochuan said that China adheres to the package of plans and policies to cope with the impact of the international financial crisis. The national economy continues to develop in the direction of macroeconomic regulation and control, maintaining rapid growth, and prices are basically stable; structural adjustments are beginning to bear fruit, and the balance of payments It tends to balance; the financial market develops steadily, and the reform of the RMB exchange rate is further advanced. Driven by the steady economic growth in the Mainland, the Hong Kong and Macao economy maintained a strong recovery momentum, foreign trade resumed growth, the employment situation continued to improve, and the unemployment rate generally fell. China's positive crisis response measures have effectively curbed the further spread of the devastating effects of the crisis and created space and time for the recovery and structural adjustment of the global economy.
He emphasized that achieving strong, balanced and sustainable growth is our common goal. In view of the growing trade, economic and financial links between countries, the international community should be alert to the rising risks of trade and financial protectionism, continue to strengthen global cooperation and enhance policy coordination and communication.
Zhou Xiaochuan emphasized that strengthening the supervision function of the IMF should be based on the reform of governance structure. At the same time, it should learn from the lessons of this crisis, strengthen supervision of developed countries, especially the issuing countries of reserve currencies; strengthen monitoring of cross-border capital flows and prevent financial Cross-border communication of risks. Existing bilateral monitoring decisions should be reviewed and revised in a timely manner to accommodate the need for oversight reform.
At the joint annual meeting of the International Monetary Fund and the World Bank held on October 8, Zhou Xiaochuan, speaking on behalf of the Chinese government, stressed that the reform of the governance structure of the International Monetary Fund and the World Bank should be given high priority to fundamentally improve the developing countries. Representation and voice. At present, the reform of the IMF's share has entered a critical stage. The reform will significantly improve the legitimacy and representativeness of the IMF, which will fundamentally benefit all member states as well as the understanding, support and promotion of all member states.
In response to the reform of the World Bank, Zhou Xiaochuan pointed out that under the impetus of all parties, the spring meeting of April this year on the World Bank's second-stage voting rights reform program - developed countries to convert developing countries and transition countries 3.13 percentage points of voting rights - - Achieving consensus and taking an important step in improving the voice and representation of developing countries. This will help the World Bank to perform its poverty reduction and development functions more effectively. The member states of the World Bank should continue to cooperate to jointly promote the World Bank's gradual realization of the ultimate goal of equal sharing of voting rights between developing and developed countries.
Zhou Xiaochuan said in a joint interview with some Chinese and foreign journalists that from the financial crisis to the present two years or so, it is not the mainstream voice to link the IMF share reform with other responsibilities. The mainstream voice is to make the IMF more representative and make the world different. Types of countries, especially emerging markets and developing countries, have a greater sense of trust in the IMF and need to adjust their share.
He said that China has never said that it will not take on more responsibilities. During the G20 summit in London in 2009, countries discussed that the IMF should have more financial resources to support the countries affected by the crisis. At that time, China subscribed for 50 billion US dollars of IMF bonds. . China considers not only its own interests, but also global economic cooperation. China also gives support and assistance to countries with difficulties.
As for the RMB exchange rate, Zhou Xiaochuan said that in the short term, the RMB exchange rate adjustment does not seem to be very strong, but from 5 years to 20 years, the situation is different. He stressed that China has always taken a responsible approach to the exchange rate issue. After the financial crisis broke out, some economies have substantially lowered the value of their currencies, but China did not do so at the time.
Zhou Xiaochuan said that the United States now has a pressure on China's exchange rate, one of which is the relatively high unemployment rate in the United States. He said: "I think people should think more calmly about the root cause of the financial crisis, and should look for problems from themselves rather than blame others."
At another seminar hosted by the BBC on the same day, Zhou Xiaochuan reiterated that China will promote monetary reform at its own pace. He said that China's currency reform will be carried out in a step-by-step manner rather than adopting the so-called "shock therapy."
In the short term, the RMB exchange rate adjustment does not seem to be very strong, but from 5 years to 20 years, the situation is different; supervision of developed countries, especially the reserve currency issuers, should be strengthened.
Zhou Xiaochuan, governor of the People's Bank of China, said in Washington recently that linking the reform of the International Monetary Fund (IMF) share with the RMB exchange rate is not a mainstream voice. He also said that China's currency reform will be carried out in a step-by-step manner, rather than taking the so-called "shock therapy."
On October 9, the 22nd Ministerial Conference of the International Monetary Fund's International Monetary and Financial Committee (IMFC) was held in Washington, DC. Zhou Xiaochuan pointed out that the current world economy is still recovering slowly, the pace of recovery in various regions is not consistent, and the overall uncertainty is still increasing. The foundation for the recovery of developed countries is still not stable. It should continue to accelerate financial restructuring and reform and rebuild a sound financial system. The recovery of emerging markets is relatively strong, and the macroeconomic policy framework is basically stable. However, it faces severe challenges such as rising inflationary pressures, changes in external demand, and large fluctuations in capital flows. It should vigorously stabilize the economy while continuing to promote structural reforms. The task of further developing the economy in low-income countries is still urgent and arduous. It is necessary for the international community, especially the developed countries, to continue to increase their support and earnestly fulfill their aid commitments.
Zhou Xiaochuan said that China adheres to the package of plans and policies to cope with the impact of the international financial crisis. The national economy continues to develop in the direction of macroeconomic regulation and control, maintaining rapid growth, and prices are basically stable; structural adjustments are beginning to bear fruit, and the balance of payments It tends to balance; the financial market develops steadily, and the reform of the RMB exchange rate is further advanced. Driven by the steady economic growth in the Mainland, the Hong Kong and Macao economy maintained a strong recovery momentum, foreign trade resumed growth, the employment situation continued to improve, and the unemployment rate generally fell. China's positive crisis response measures have effectively curbed the further spread of the devastating effects of the crisis and created space and time for the recovery and structural adjustment of the global economy.
He emphasized that achieving strong, balanced and sustainable growth is our common goal. In view of the growing trade, economic and financial links between countries, the international community should be alert to the rising risks of trade and financial protectionism, continue to strengthen global cooperation and enhance policy coordination and communication.
Zhou Xiaochuan emphasized that strengthening the supervision function of the IMF should be based on the reform of governance structure. At the same time, it should learn from the lessons of this crisis, strengthen supervision of developed countries, especially the issuing countries of reserve currencies; strengthen monitoring of cross-border capital flows and prevent financial Cross-border communication of risks. Existing bilateral monitoring decisions should be reviewed and revised in a timely manner to accommodate the need for oversight reform.
At the joint annual meeting of the International Monetary Fund and the World Bank held on October 8, Zhou Xiaochuan, speaking on behalf of the Chinese government, stressed that the reform of the governance structure of the International Monetary Fund and the World Bank should be given high priority to fundamentally improve the developing countries. Representation and voice. At present, the reform of the IMF's share has entered a critical stage. The reform will significantly improve the legitimacy and representativeness of the IMF, which will fundamentally benefit all member states as well as the understanding, support and promotion of all member states.
In response to the reform of the World Bank, Zhou Xiaochuan pointed out that under the impetus of all parties, the spring meeting of April this year on the World Bank's second-stage voting rights reform program - developed countries to convert developing countries and transition countries 3.13 percentage points of voting rights - - Achieving consensus and taking an important step in improving the voice and representation of developing countries. This will help the World Bank to perform its poverty reduction and development functions more effectively. The member states of the World Bank should continue to cooperate to jointly promote the World Bank's gradual realization of the ultimate goal of equal sharing of voting rights between developing and developed countries.
Zhou Xiaochuan said in a joint interview with some Chinese and foreign journalists that from the financial crisis to the present two years or so, it is not the mainstream voice to link the IMF share reform with other responsibilities. The mainstream voice is to make the IMF more representative and make the world different. Types of countries, especially emerging markets and developing countries, have a greater sense of trust in the IMF and need to adjust their share.
He said that China has never said that it will not take on more responsibilities. During the G20 summit in London in 2009, countries discussed that the IMF should have more financial resources to support the countries affected by the crisis. At that time, China subscribed for 50 billion US dollars of IMF bonds. . China considers not only its own interests, but also global economic cooperation. China also gives support and assistance to countries with difficulties.
As for the RMB exchange rate, Zhou Xiaochuan said that in the short term, the RMB exchange rate adjustment does not seem to be very strong, but from 5 years to 20 years, the situation is different. He stressed that China has always taken a responsible approach to the exchange rate issue. After the financial crisis broke out, some economies have substantially lowered the value of their currencies, but China did not do so at the time.
Zhou Xiaochuan said that the United States now has a pressure on China's exchange rate, one of which is the relatively high unemployment rate in the United States. He said: "I think people should think more calmly about the root cause of the financial crisis, and should look for problems from themselves rather than blame others."
At another seminar hosted by the BBC on the same day, Zhou Xiaochuan reiterated that China will promote monetary reform at its own pace. He said that China's currency reform will be carried out in a step-by-step manner rather than adopting the so-called "shock therapy."
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