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Zhou Xiaochuan, the former president of the People's Bank of China, said: The most afraid of the financial crisis is infection.There was something wrong in one place, and it may not be difficult to solve if it was a case.Once infected, once resonance, there may be greater danger.(Internet)
According to China Surging News, on November 3, the Second Qiantang River Forum was held in Hangzhou, Zhejiang.The thing is infectious.There was something wrong in one place, and it may not be difficult to solve if it was a case.Once infected, once resonance, there may be greater danger.And in the peak period of resonance and infection, panic may occur. China is not a paradise. I hope that China's situation is different from them, but be vigilant.
In the keynote speech, Zhou Xiaochuan talked about the currency problem of emerging market countries. About two months ago, everyone saw that the currency of the more important emerging market countries had obvious depreciation and capital outflows. Some countries had increased interest rates.Or capital control methods to prevent the deterioration of phenomena.
Zhou Xiaochuan believes that the extent extent the issue of exchange rate capital outflow of emerging markets is worthy of clear attention to the Fed's interest rate policy and the international economic situation.
The most afraid of the financial crisis is infection.There was something wrong in one place, and it may not be difficult to solve if it was a case.But once infection, once resonance, there may be greater danger.And panic may occur at the peak of resonance and infection.Zhou Xiaochuan said at the meeting that China is not a paradise. He hopes that China's situation is not the same as them, but he must be vigilant.Will the problems arising from the currency in this round of emerging markets will produce more obvious contagiousness and impact on China. It is necessary to make a clear analysis so that there will be more accurate judgments in this case.Whether it is macro or micro, you can find better countermeasures, and you cannot take it lightly.
From the perspective of macroeconomic analysis, capital outflows or capital flows are connected to the savings rate of various countries.
According to Zhou Xiaochuan, China's savings rate once reached almost 50%at its peak. Now it has dropped several percentage points. The possible decline in the trend is still very fast. It has some benefits, indicating that domestic demand is enhanced.But at the same time, it also brings adjustments, and these adjustments need to pay close attention.
The level of savings rate is also related to international capital flow and investment trends.Zhou Xiaochuan believes that the reason why China has a better actions in the Belt and Road Integration is largely due to the high savings rate of China.The savings rate is high, and some funds are investing in domestic efficiency lower than investing in the international and investing in the area along the Belt and Road.
During this round of global crisis recovery, Zhou Xiaochuan believes that China faces two choices: one is to be an emerging market country, how can China manage the balance of international revenue and expenditure, manage capital flow, and manage foreign exchange reserves; the other isChina is facing the opportunity of RMB internationalization, and the opportunity of internationalization is really early, and it is also because the global financial crisis has created a space.
Zhou Xiaochuan further explained that this space was that the traditional hard currency in the crisis was not very stable, and the problem continued, and the liquidity was not resolved. Therefore, the surrounding trading partners and investment partners asked.Establish currency exchange, as well as providing liquidity and support for stability and confidence.In this case, the so -called Boomedicon exchange process began.
Vice Chairman of the Standing Committee of the Chinese People's Congress: China will further expand and open to achieve win -win
Hao Mingjin, deputy chairman of the Standing Committee of the National People's Congress of China, pointed out at the meeting of the 20th National Group (G20) Speaker of the Group in Argentina that China will further expand and open, achieve win -win, and promote the construction of a community of human destiny.
According to the China News Agency, Hao Mingjin led a group to attend the G20 meeting held in Buenos Aires, the capital of Argentina from October 31st to November 2nd, local time, and made a keynote speech.Hao Mingjin said that in the face of the challenges of the current world change bureau, all parties should strengthen cooperation, play a role in the G20, adhere to multilateralism, jointly oppose unilateralism and protectionism, improve global governance, adhere to innovation -driven, tap the growth momentum, build an open world to build an open worldeconomy.All parties should strengthen parliamentary exchanges and cooperation and make greater contributions to cracking the problems of the times.
