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Finance: RMB may stay flat

By Xin Zhiming (China Daily)
Updated: 2008-11-13 09:41

Talking · Heads

There is a strong need for a "world currency" that is managed by a "global central bank" that is subject to the governance of member countries. Ideally, a global central bank and a world currency, supported by a world government, will be the ultimate goal of a new international monetary system. Any national currency used as a world currency for cross-border trade is bound to be subject to the ups and downs of that nation's economic and financial conditions.

Chen Zhiwu
Professor of Finance, School of Management, Yale University

President Hu Jintao's attendance at the upcoming emergency G20 summit presents an opportunity for China's leadership to take a more assertive role in global financial affairs. Given its strong fiscal position, China's policymakers can take steps to boost the economy at home. 

Jing Ulrich
Managing director and chairwoman, China Equities, J.P. Morgan

Playing an active role in re-establishing the financial architecture and helping global economic stability would bring benefits to China. It is too big an economy not to play an important role today.

In short, it is not about China "saving" the US or the IMF, but about China acting to jointly re-shape the global financial architecture and helping to stabilize its own exports markets at the same time, both beneficial to China.

Stephen Green
Head of research, China, Standard Chartered Bank (China) Ltd

There are structural imbalances in the world, in the US, and in China, that require much more than simply a change in the renminbi exchange rate to address.

I think an important lesson we all learnt is that in the globalized world of today, we are all tightly linked, not the least through the international financial system and trade, and all countries need to consider the international consequences of their domestic policy, including the exchange rate.

Wang Tao
Economist at UBS Securities Co

China will not be a full player in the international financial system, however, until it fully frees up the international convertibility of the renminbi.

I believe China will eventually do this, but now would not be the time to do so.

Restrictions on convertibility don't provide much protection from large and rapid international financial flows but they provide some protection and it would not be desirable to give them up until the world financial system calms down.

Dwight Perkins
Professor of Political Economy, Harvard University

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