Zhou Xiaochuan: China will not depreciate its currency

Abstract According to CCTV reported, the central bank governor Zhou Xiaochuan on the 3rd at the International Monetary Conference (IMC) 2013 annual meeting, said authorities have seen the problem a lot of international capital flows, and monitoring already underway, but China is not through competition Sexual currency depreciation to improve domestic...
According to CCTV, central bank governor Zhou Xiaochuan said at the 2013 International Conference of the International Monetary Conference (IMC) that the relevant departments have seen the problem of large international capital flows and are already monitoring, but China will not pass the competition. The currency depreciation to improve its domestic competitiveness.

The Washington-based International Monetary Conference holds an annual meeting to discuss major issues in the international economic and financial world to promote communication and cooperation among major international banks. The annual meeting of the International Monetary Conference was held in Shanghai. The main topics include global regulatory environment changes, financial stability and sustainable development, Asian development prospects and their position in the global market, and the financial services industry in the current economic and regulatory environment. Coping strategies, global systemically important banks and cross-regional crisis solutions.

Zhou Xiaochuan said that China is now steadily advancing interest rate liberalization. In view of the current Chinese economy, it is now a good time to promote interest rate liberalization.

Regarding the exchange rate issue, Zhou Xiaochuan said that since the implementation of the exchange rate reform in 2005, the renminbi has appreciated by 35% against the US dollar, but in reality this figure will be even higher. At present, China's foreign exchange surplus has declined, which provides a certain space for China to promote the marketization of exchange rates.

At present, the pressure of hot money flowing into China is huge. In this regard, Zhou Xiaochuan pointed out that in view of the large flow of international capital, the relevant departments of the country have already seen this problem and are already monitoring it. But China will not increase its domestic competitiveness through competitive currency depreciation.

European Central Bank President Mario Draghi said on the same occasion that the economic situation in the euro zone is still full of challenges, but some signs of possible stability have been revealed and it is expected that the second half of the year will begin to recover gradually. Draghi said that the recovery is driven by loose monetary policy and export growth, which is caused by the growth of external demand.

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