The G20 Nanjing Conference held the focus of the inclusion of special drawing rights in the RMB
[China Glass Network] The G20 International Monetary System Seminar was held on March 31 in Nanjing Zijin Mountain Villa. The Minister of Finance of the G20 countries, the Governor of the Central Bank and representatives of relevant international organizations gathered in this seminar to focus on the reform of the international monetary system.
According to the organizer, this meeting is a continuation of the G20 finance ministers meeting held in Paris in February, and it is the first time in the G20 framework. However, this meeting is a seminar, which is positioned as “informal and academicâ€, does not involve actual negotiations, and does not issue any statement of results. The theme of the conference focused on reforming the international monetary system and reached a basic consensus on the inclusion of the renminbi in the International Monetary Fund (IMF) Special Drawing Rights (SDR). The SDR is a reserve asset and accounting unit created by the IMF and is the right of the IMF to allocate funds to Member States.
Sarkozy expressed support for the question of whether a basket of SDR currencies should be included in the renminbi. He pointed out that it is time to set a timetable, and the inclusion of SDRs in emerging economies such as the renminbi is an acknowledgement that these currencies play an increasingly important role in the global economy.
Although Geithner also agreed to change the composition of a basket of SDR money, he put forward certain conditions for the "newcomers": must have flexible exchange rate policy, independent central bank, and allow free flow of capital. China has not yet realized the free flow of capital, and it cannot meet the conditions proposed by Geithner.
Regarding commodity prices and currency exchange rates, Chinese Vice Premier Wang Qishan said that the current world economy is slowly recovering, but it is full of variables, global liquidity is excessive, and it is necessary to prevent large fluctuations in exchange rates, international commodities and energy prices.
Geithner said that the current problem of 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 set up new ones, which can be resolved through actions of various countries. Geithner not only did not raise the responsibility that the United States itself should assume, but also pushed responsibility to emerging market economies. He said at the meeting that emerging economies with undervalued exchange rates are facing more serious inflation risks, and the asymmetry of exchange rate policies will also bring pressure on trade protection.
Since the outbreak of the international financial crisis, the United States has implemented a “quantitative easing†monetary policy, causing violent fluctuations in global commodity prices. The recent earthquake in Japan and the crisis in Libya have pushed the prices of commodities such as oil and gold to a higher level, which has brought great “input inflation†pressure to many emerging market countries. Li Daokui, a member of the Monetary Policy Committee of the People's Bank of China and director of the Center for World and China Economic Research at Tsinghua University, said that he did not want to see a rapid depreciation of the US dollar and US Treasury bonds.
Teflon Conveyor Belt,Belt Conveyor Rubber,Cheap Conveyor Belt
Vichen Composite Material Co., Limited , http://www.jsptfefabric.com