The RMB Exchange Rate Remains Basically Stable At A Reasonable And Balanced Level.

Eight years after the global financial crisis, the economic operation is still volatile, and the competitive monetary policies of all countries are becoming more and more intense.

Emerging markets are suffering, and the developed countries such as the euro zone and Japan are still recovering from a long road to problems.

At the opening ceremony of the conference, Chinese finance minister Lou Jiwei said that the conference will focus on four issues, including actively addressing short-term financial risks.

The direction of China's exchange rate policy is also one of the focuses of the outside world.

In a video statement, Premier Li Keqiang of the State Council reiterated that China will continue to push ahead with financial market reform and implement a managed floating exchange rate mechanism based on market supply and demand, with reference to a basket of currencies.

RMB

There is no foundation for sustained depreciation, and will remain basically stable at a reasonable and balanced level.

Dinesh Sharma, Assistant Minister of finance of India, pointed out that the lack of coordination of macroeconomic policies in many countries caused many problems in emerging markets, and also caused great shocks and fluctuations in the global economy.

Dinesh further states that countries should increase

Coordination efforts.

This undoubtedly gives rise to the aspirations of many emerging market countries.

The rise in US dollar interest rates and commodity prices has led many of the emerging market countries that rely on resource exports, such as Brazil and Russia, to depreciate their currencies, and their economic growth is in a predicament.

Relying on the G20 platform to achieve macro policy coordination, all parties are pleased to see their success.

Manlin, chief economist of OECD (Catherine L. Mann), told the 21 media reporters that the global economy is integrated into one, and there is a clear spillover effect on the monetary policies of all countries, because countries are accustomed to making policies in their own perspective, and the spillover effects of other countries' policies will also be counterproductive to our country's policies.

Such a situation calls for greater policy coordination among all countries.

Dicer Blom, chairman of the euro group, said at his news conference that economic growth is the most concerned topic of their trip.

He pointed out that the euro zone is gradually coming out of the crisis, and its economic growth has improved, but the political and economic situation facing it is still very grim.

They expect G20 to coordinate various policies, including the central bank's monetary policy, to ensure regional economic growth.

The European Commission on economic, financial, taxation and customs affairs, Moss, has listed three main topics, including the promotion of G20's more binding commitments to promote world economic growth, the strengthening of BEPS's execution and the promotion of changes in the rules of international taxation, and the joint fight against terrorism, such as cutting off terrorist financing channels.

Speaking at the opening ceremony, the conference will focus on four issues, namely, paying close attention to and actively addressing short-term financial risks, promoting structural reforms in a concerted manner, promoting investment and infrastructure interconnection, and improving the global economic governance system.

Premier Li Keqiang pointed out that we should strengthen macroeconomic policy coordination through the G20 platform, promote structural reforms and improve global economic and financial governance.

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Dicer Blom told reporters that adhering to the exchange rate marketization mechanism is a consistent requirement of the Eurogroup. The exchange rate price should be determined by market supply and demand, and government intervention should be reduced.

As for the trend of China's subsequent exchange rate, Li Keqiang reiterated that China will implement a managed floating exchange rate mechanism based on market supply and demand and reference to a basket of currencies.

The RMB exchange rate does not exist on the basis of sustained depreciation, and will remain basically stable at a reasonable and balanced level.

Long term structural reform is also an important agenda for this conference.

OECD Secretary General Guria pointed out that after the financial crisis, the short-term demand side regulation was widely used in many countries, but the effect was not obvious.

At the same time, long-term reform is stagnant, and all countries should increase the pace of structural reform in China to help the economy recover.

As the chairperson of the G20 summit, China has proposed structural reform as an important topic for the G20 finance channel, and hopes to guide the reform practice of various countries by formulating the priority areas and general principles of structural reform so as to promote the real landing of reform.