日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Europe

Forex issues to take center stage at G20 meeting

By Fu Jing | China Daily European Weekly | Updated: 2011-02-18 10:54
Share
Share - WeChat

China needs to exercise caution in further currency moves, say experts

Finance ministers and central bank governors from the G20 nations are expected to discuss global monetary reforms during their weekend meeting in Paris, with once again the spotlight being on China.

With nations like the United States likely to press for further currency reforms in China, the nation needs to be cautious in the steps it takes to internationalize its currency, say analysts and experts.

Related readings:
 Comment: Rebuilding financial confidence

At the same time China should also work actively with the international community to tighten banking and financial regulations and strengthen supervisory mechanisms.

"China needs a gradual process to internationalize its currency If that is the case, it means it can be fully convertible," says Yu Yongding, an economist with the Chinese Academy of Social Sciences and former central bank advisor.

"The nation also needs to consider whether the market can accept such a currency, and whether China's economic and political conditions will allow it to take the required steps," says Yu.

"The process will be gradual and long if China decides to press ahead."

The Paris conclave assumes significance as France holds the reins of both the G8 and G20 this year. France has also been campaigning for a more broad-based currency arrangement and pressing for reducing the excessive dependence on the US dollar.

French President Nicolas Sarkozy has called for better regulation of international capital flows and urged for further strengthening the Special Drawing Rights issued by the International Monetary Fund (IMF) with the addition of the yuan.

Though the Chinese government is yet to announce a roadmap for internationalization of the yuan, it has started making the right moves through currency swaps and by using the renminbi for foreign trade settlements.

China got a shot in the arm recently when the US decided to support the inclusion of the renminbi in the Special Drawing Rights, during President Hu Jintao's recent US visit.

French Finance Minister Christine Lagarde has reiterated the nation's desire to "legitimately meet the challenges facing a multi-polar and unbalanced world".

Lagarde says France has identified five areas for action - identifying the macro-economic imbalances, a reform of the international monetary system, reducing the excessive price volatility of raw materials, establish a seamless financial regulation and to promote development.

Finance ministers and central bank governors of G20 countries are expected to hold three conclaves this year ahead of the annual summit on Nov 3-4 in Cannes. The Paris meeting will be followed by one in Washington between April 14-16 and in Paris from Oct 13-14.

Liu Chunhang, director general of the China Banking Regulatory Commission, feels that the G20 has helped build trust and confidence especially during times of crisis. With globalization of capital flow speeding up, it is vital for China to enhance its cooperation with other nations especially in areas like financial and banking regulations.

China has recently surpassed Japan as the second-largest economy in the world after the US and accumulated massive forex reserves of over $2.85 trillion (2.1 trillion euros) on the back of sustained trade surpluses and foreign fund inflows.

Though China may step up the pace of imports in the next few years, it will also take steps to ensure that its exports remain competitive. At the same time the government will also encourage financial organizations to invest overseas, he says.

Liu, however, feels that while capital flows are becoming increasingly globalized, financial regulations are still domestic concerns only.

"Effective financial regulation requires intense cooperation among regulators and should not be confined to only setting standards but also to daily supervision," says Liu.

The nation's banking regulator, China Banking Regulatory Commission (CBRC), has already started revising the banking regulations to implement the BASEL III capital requirement norms for lenders by 2012.

The IMF is studying the performance of China's financial sector and likely to come out with an assessment report later this year.

Liu admits that the road ahead is not smooth. "There are a number of roadblocks for smooth international collaboration, including the fact that different countries have different legal systems. Most of the countries are at different stages of development, and many have different financial structures," he says.

"Emerging markets have less developed capital markets that may not be suitable for innovative capital instruments. Similarly in many developed countries, there is no uniform financial structure. It is difficult for regulators to come up with rules that conform to all," says Liu.

Today's Top News

Editor's picks

Most Viewed

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 奇米影视四色中文字幕 | 一区二区三区视频在线 | 26uuu中文字幕 | 亚洲精品第一综合99久久 | 色综合激情 | 天天操天天爱天天干 | 国产又黄又猛又粗又爽的A片动漫 | 色综合一区 | 日日狠狠的日日日日 | 中文字幕专区 | 国产精品2020观看久久 | 国产激情在线观看 | 午夜成人免费视频 | 色人阁亚洲 | 国产精品婷婷久久久久 | 免费性生活视频 | 亚洲国产成a人v在线观看 | 高清视频在线播放 | 国产成人福利 | 大蕉香蕉久久爱 | 午夜精品影院 | 久久娱乐网 | 成人三区四区 | 亚洲激情视频在线观看 | 亚洲成人久久久 | 成人精品一区二区三区 | 亚洲精品在线播放 | 国内外成人免费视频 | 国产视频国产 | 午夜爽爽性刺激一区二区视频 | 色婷婷综合久久久中文字幕 | 欧美二区三区 | 精品国产不卡一区二区三区 | 毛片网页 | 五月天激情视频在线观看 | 午夜精品久久久久久久久久久久久 | 国产乱码精品1区2区3区 | 欧美一区二区 | 一级在线免费视频 | 国产99久久精品一区二区永久免费 | 国产在线精品二区韩国演艺界 |