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Zhou (PBoC)


Zhou Xiaochuan, governor of People’s Bank of China, spoke on forum in Shanghai:

Chinese economy is impressive and positive
China to continue prudential macro policy
PBoC has monetary policy space and tools
Fiscal policy should be more proactive
Currency is floating with reference to basket, there is no basis for sustained yuan depreciation
China has low inflation
Forex reserves won’t always rise and they are declining due to many factors
Major economies will influence EM outflows
Interest rate policy needs to have more effect
Authorities must remain alert on debt-to-gdp ratio
Country should adopt policies for recovery amid crisis

Regarding the G20 meeting Zhou said:

G20 is going to focus on global economy and policy
Group will strive to improve coordination on global recovery
Discussion will relate to macro prudential framework


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