g the order of the international financial community,” Liu said.
Zhang Xiaohui, a senior researcher for the CF40 and a former assistant governor of the Chinese central bank, said, “The IMF concl上海龙凤1314
usion is objective and reflects that the yuan was assessed to be broadly in line with medium-term fundamentals.”
上海龙凤1314品茶微信Besides refraining from competitively depreciating its own currency, China has also b
een committed to promoting international currency policy coordination, said Zhu, the bank official.
President Xi Jinping announced at the Second Belt and Road Forum for International Cooperation in Beijing in April tha上海龙凤1314
t China will more effectively engage in international macro-economic policy coordination, including more improve
ments to the exchange rate regime, to ensure that the market plays a decisive role in resource allocation.
According to the IMF news release on Friday, its executive directors agreed that grea
上海龙凤1314品茶微信ter exchange rate flexibility and deeper and better-functioning foreign exchange
markets would help China’s financial system be more capable of dealing with capital flow volatility.
Chen Yuan, chairman of the CF40 Executive Council and former上海龙凤1314
vice-chairman of the Chinese People’s Political Consultative Conference, ca
utioned that China needs to prepare for long-term disputes, including in the field of finance.
Chen suggested increasing yuan-denominated settlements in global comm上海龙凤1314品茶微信
odity trade and accelerating the internationalization of the yuan to reduce reliance on the dollar.
Zhou Xiaochuan, chairman of the China Institute of Finance and a former c
上海龙凤1314entral bank governor, said at the CF40 forum over the weekend that China may have to take
countermeasures in the face of any tariff or nontariff barriers imposed against the country.
It was not manipulation but market forces that pushed the recent depreciation of the yuan against the gree上海龙凤1314品茶微信
nback, said Phil Levy, chief economist at Flexport, a San Francisco-based logistics company.
“It is difficult to argue that a failure to intervene against those market forces constitutes currency manipulation,” he said.