RMB exchange rate at "appropriate level": Central bank governor
 
China's Renminbi (RMB) exchange rate is "at an appropriate level", judging both from economic fundamentals and from market supply and demand, Yi Gang, governor of the People's Bank of China, said Saturday in Washington.
"The RMB exchange rate has remained broadly stable at an adaptive and equilibrium level based on market supply and demand and with reference to a basket of currencies," Yi said in a statement to a meeting of the International Monetary and Financial Committee (IMFC) on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank.
"It has been moving in both directions to reflect market conditions," Yi said in the statement to the IMF's policy setting committee, which was posted to the IMF's website on Saturday.
"Depreciation since the beginning of August has been driven and determined by market forces and reflects shifts in market dynamics and volatilities in global foreign exchange markets amid recent global economic and financial developments and escalating trade tensions," Yi noted.
"The generally stable market reactions and balanced cross-border capital flows so far indicate that there is growing market acceptance for two-way exchange rate fluctuations," he added.
Yi encouraged the IMF to continue to conduct an "even-handed and multilaterally-consistent" assessment of exchange rates and external positions so as to provide members with constructive policy advice.
"We agree with the IMF's view that exchange rate flexibility can help mitigate external shocks. The IMF's views on exchange rate issues should be consistent over time and across countries, and additional attention should be given to the exchange rate effect of monetary policy," he said.
Yi's remarks came after the IMF reiterated in August in a report that China's real effective exchange rate in 2018 is estimated to be at the same level as warranted by fundamentals and desirable policies.
"The IMF report makes clear that there has been absolutely no currency manipulation and that China's external balance has been appropriate," said Jeffrey Sachs, a senior United Nations advisor and renowned economics professor at Columbia University.
Yi also noted that it has "become even more pressing" to follow "a multilateral approach" in addressing persistent excessive imbalances with the current escalation in trade tensions.
"We appreciate the IMF's analysis of global imbalances on a multilateral rather than bilateral basis. Global imbalances are caused by countries' macroeconomic and structural policies as well as cyclical factors," the central bank governor said, adding that increasing bilateral trade barriers is not the right solution.
"Tariff hikes will largely be offset by the trade diversion effect, with limited impact on the overall bilateral trade balance. In order to reduce imbalances, both deficit and surplus countries need to pursue well-targeted macroeconomic policies and structural adjustment," he said.
Most of the changes in bilateral trade balances over the past two decades can be explained by the combined effect of macroeconomic factors, while tariff variations played a much smaller role, according to a research by the IMF in April.
The IMF research team suggested policymakers continue to promote free and fair trade by undoing recently enacted tariffs and enhancing efforts to reduce existing barriers to trade.
（Xinhua）        
 
人民银行将继续实施稳健货币政策
10月17-18日，中国人民银行行长易纲、副行长陈雨露出席了在美国华盛顿举行的二十国集团（G20）财政和央行部长级和副手级会议。会议主要讨论了全球经济形势、基础设施投资、国际金融架构、金融部门改革、稳定币、国际税收等议题。
　　各方普遍认为，全球经济持续扩张，但增速疲弱。货币政策宽松、部分新兴市场经济体经济形势好转有利于推动全球经济改善，但贸易摩擦、地缘政治等因素仍可能对全球经济造成冲击，风险偏向下行。各方同意将加强对话，使用货币政策、财政政策和结构改革等各类政策工具，推动经济强劲、可持续、平衡和包容性增长。
　　各方普遍支持落实大阪峰会达成的《G20高质量基础设施投资原则》，按照《G20关于推动基础设施成为独立资产类别的路线图》的方向，讨论通过完善资本市场监管吸引私人部门资金投资基础设施建设，并探讨利用技术优势促进基础设施投资。
　　会议一致同意发布G20关于稳定币的声明，肯定金融创新的潜在效益，同时指出稳定币具有一系列政策和监管风险，尤其是在反洗钱、反恐融资、消费者保护、市场诚信等领域，有必要在稳定币项目启动前评估和解决这些风险。会议要求金融稳定理事会、基金组织、金融行动特别工作组等国际机构继续研究稳定币的相关风险和影响。
　　为促进解决低收入国家债务，各方同意推动债务方和债权方、公共部门和私人部门继续共同提高债务可持续性和透明度，并要求基金组织、世界银行进一步深化对债务问题的分析。
　　各方欢迎金融稳定理事会关于金融市场分割的分析，同意继续对金融部门改革的效果和影响进行评估。各方支持明年就数字化带来的金融风险的监管进行讨论。
　　易纲在发言中表示，尽管面临下行压力，中国经济运行总体平稳，经济结构继续优化。人民银行实施稳健的货币政策，进一步深化利率市场化改革，货币信贷平稳增长，市场利率低位运行。人民币汇率维持基本稳定。部分中小银行风险得到果断处置和及时化解。人民银行将继续实施稳健的货币政策，为经济高质量发展营造适宜的货币金融环境。
　　此外，会议还讨论了国际税收合作、加强与非洲合作等议题。
 
（人民网）