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foreign exchange payments Secretary Guan Tao in Chinese financial magazine the author points out that in recent days, there is a continued substantial appreciation Foundation. Foreign exchange reserves growth does not come down, will greatly affect the current regulation of prices and rates. Even House prices down regulation, would not exclude the financial flows to other markets, causing asset bubbles, increase the cost of production and the life of the whole society, RMB exchange rate appreciation in disguise.
said Guan Tao, promote the reform of RMB exchange rate mechanism is important measure to improve financial control, RMB exchange rate reform to overcome a floating phobia. Too much emphasis on exchange rate stability is the exchange rate from the tool into the target, is on variations of exchange rate policy. Moreover, the dollar's future is an uncertain, unstable currency, pegged to the dollar to the introduction of confidence-anchor, but will intensify multilateral exchange rate change, and enter the inflation.
said Guan Tao, gradually expanding cross-border RMB-denominated settlement is in the financial strategy choice of China's national interests, but short-term domestic demand coordination of RMB “ ” and to promote balanced relationship between target. Foreign investment can be taken at this stage (loan) use of RMB-denominated, convertible currency delivery and settlement way of expanding cross-border use of RMB.
in his view, gradual capital account liberalization was important in promoting international payments system. To diversify the channels of foreign investment and investors, was the focus of the next phase of opening capital account in China. Towards capital account convertibility of the Renminbi to pay attention to and supporting the reform of other propulsion. General principle is that the internal financial openness cannot lag behind external financial liberalization, market-oriented exchange rate must not lag behind in the opening of capital account. Opening up to the pace too fast, other related reforms are too slow, especially the implicit exchange rate guarantees, could increase cross-border capital flows on domestic economic and financial impact, increasing the difficulty of macro-control. In turn, the pace of capital account opening is too slow, is not conducive to advancing the construction of Shanghai international financial center, the RMB's internationalization and other domestic financial development strategy implementation.
"outside storage status"
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" Outside storage questions "
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" outside storage management "
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