G20 International Monetary System Seminar Yesterday morning, the G20 International Monetary System High-Level Seminar was held in Nanjing Zijin Mountain Villa. The meeting was hosted by France, the rotating presidency of the G20. French President Nicolas Sarkozy and Chinese Vice Premier Wang Qishan jointly announced the opening of the seminar. The finance ministers of the G20, the main officials of the International Monetary Fund (IMF), the central bank governors and important scholars and experts in finance and economics attended the Nanjing seminar and discussed the development prospects of the international monetary system from various angles. The high-level seminar was held for a while from the next G20 finance ministers and central bank governors meeting in Washington, which meant that participants could openly discuss many issues: the current state of the international monetary system and Its weaknesses, capital flow management, global liquidity management and enhanced monitoring. According to reports, Zhou Xiaochuan, the governor of the central bank, said at the seminar yesterday that the international community should focus on the long-term reform of the international monetary system, rather than short-term repairs. The report said that his speech hinted that it is unwise for the United States to insist that China promote the appreciation of the renminbi. Zhou Xiaochuan said that China and emerging economies strongly hope that the international community will look to the long-term and adjust the global economy from a medium- and long-term perspective. He also pointed out that although reserve currency issuers can benefit from cheap debt financing in the short term, this may lead to a decline in vigilance against economic regulation, so in the medium and long term, this may not bring to these countries. benefit. The size of foreign exchange reserves in Asian countries may be too large, but adjustments will take time. US Treasury Secretary Timothy Geithner: Different Issues Concerning Foreign Exchange Rate Policies US Treasury Secretary Timothy Geithner said at the G20 Nanjing Symposium yesterday that the biggest problem in the international monetary system is that the exchange rate policies of different countries are inconsistent, but there is no need to sign New treaties or the establishment of new institutions can solve problems through national actions. Geithner also pointed out that emerging economies with undervalued exchange rates face more serious inflation risks, and exchange rate policy asymmetry will also lead to pressure on trade protection. Geithner said the United States supports changing the composition of the SDR basket of currencies, but countries that want to join the SDR must have flexible exchange rate policies, independent central banks and allow free flow of capital. In addition, he expressed his commitment to reduce the US deficit to 3% of gross domestic product (GDP) in the next few years.
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