Warming up of Sino-US global fiscal discussion
Central Bank Governor Zhou Xiaochuan of the People's website issued the portion "on the change in macro-and micro-to farther investigate the pro-cyclical", the portion said, "to consider some of the fiscal procedure and pro-cyclical elements, probable remedies evaluates as well as monetary and fiscal agencies in the sombre market critical purpose of how to play a certified role. " Zhou Xiaochuan, said the writer, China's macro-control guidelines are commencing to withstand yield, there are some primary pointers of warmer signals of quick descent in monetary expansion has been checked the minimal situation. Zhou Xiaochuan made the establishment of capital forced undo cycle method and energetically realize the "New Basel Capital Accord."
This is Zhou Xiaochuan, following the March 23, the 24th following sites in the midpoint bank has issued a noted portion of the third. Zhou Xiaochuan made before the global monetary procedure and on the query of the fundamental thought of savings, it is proposed to bring ahead super-sovereign retain currency throughout the world attention. Obama President of the United States straight away articulated that "the prevailing tough dollar." Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Timothy Geithner in addition refused the U.S. request to give up.
However, Zhou Xiaochuan, the request has been many of deducing nations and some global organizations. March 24, the International Monetary Fund replied positively to the recommendations of Zhou Xiaochuan, head of the school Kahn said in Paris on the 25th, the Chinese super-sovereign global retain currency of the request is reasonable. Zhou Xiaochuan, the request in addition carried by the Russian and other "BRIC countries" to support, at the matching time, the European Union to insist the United States put frontwards to smash the aged procedure of global finance.
On the eve of the G20 summit to China and the United States on behalf of both sides for an international financial debate, is heating up.
Binding mechanism for the establishment of reverse cycle capital
Zhou Xiaochuan, said the author, the whole, China's macro-control policies are beginning to bear fruit, there are some leading indicators of warmer signs of rapid decline in economic growth has been checked the basic situation. These achievements in China's government reacted swiftly and decisively to implement a proactive fiscal policy and loose monetary policy appropriately based on the progress.
Zhou Xiaochuan believes that the current Ministry of Finance and the Central Bank of the West special mandate to stabilize the market, often through a long political process, which is often the best course of action to miss the opportunity. Economists usually focus on the macro level, the pro-cyclical, however, at the micro level, the current market structure contains a number of noteworthy features of the pro-cyclical, in response to the current crisis, reform the financial system should be addressed. In the existing market structure, it is necessary to arrange more in the micro-level mechanism of the reverse cycle (that is, a negative feedback loop), in order to ensure a more stable financial system.
In reply to these shortcomings, Zhou Xiaochuan incisive out the surviving capital adequacy ratio to subdue the vulnerability of the capital in actual, the cyclical natural world of the buffer, the sections the cause for fiscal constancy could play a certified role; and in fiscal guideline, the development of the use of reverse-cycle multiplier, Shun-cycle inhibitory element is the new way.
Standard Chartered Bank chief economist and head of global research that LEE Lai Si, macroeconomic imbalances and financial system within the combined effect of systemic failure led to the occurrence of this crisis, since the cycle of policy and risk management, especially under conditions of tight credit The lack of liquidity management is the main reason. To be out of crisis and need to establish a more balanced world economy, that is, the Western economies shift from high consumption to increase savings, Asia and the Middle East economies, high savings, reducing the savings to increase spending is also indispensable.
G20 summit frequency of the central bank will soon be issued
Focused its attention on the world will convene in early April of the G20 summit in London, hoping to find leads the world economy, "Moses out of Egypt." Lai Sze Lee try to figure out, "Despite the current focus of attention around the world is how to solve the G20 economic and financial crisis, but in reality, many countries will want more long-term."
Chinese Academy of Social Sciences Institute of World Economics and Politics, deputy chief director of the global fiscal examine, said Zhang Ming, Zhou Xiaochuan made a small number days in the past to reorganise the global monetary procedure for the average and long-term image, short time span more arduous to achieve. Once these thoughts into certainty, in the long run is locked-in to deteriorate the dollar's position, it is not unexpected that Obama opposed.
But Zhang Ming believes that the summit appears to have been involved in too many high expectations of the parties that this be achieved at once utilitarian mentality, and ultimately may become "non-weight bearing", to repeat the mistakes G20 summit in Washington, it is difficult to to reach any of the crisis in the rescue or reconstruction of the international monetary system of the substantive program.
Not long ago at a press conference on the closing date, the central bank website at 20:35 on the 26th once again signed by the central bank issued the Institute of Finance "of the reform of the international financial supervision system, few understand." In this paper, that the parties to the reform despite the current financial system made a lot of suggestions and form some consensus, but there is still "a number of issues yet to be fully aware of the parties or to reach a consensus", so to remind the parties to pay attention to the existence of the following five questions: the first step to improve financial supervision is the supervision of self-criticism; the introduction of macro-management parameters of the cycle, reverse cycle to strengthen mechanisms; regulatory agencies need to enhance the quality, or lack of supervision of the market experience and feeling; to strengthen the use of rating and rating agencies supervision; concerned about the issue of corporate governance. - 21396
This is Zhou Xiaochuan, following the March 23, the 24th following sites in the midpoint bank has issued a noted portion of the third. Zhou Xiaochuan made before the global monetary procedure and on the query of the fundamental thought of savings, it is proposed to bring ahead super-sovereign retain currency throughout the world attention. Obama President of the United States straight away articulated that "the prevailing tough dollar." Federal Reserve Chairman Ben Bernanke and U.S. Treasury Secretary Timothy Geithner in addition refused the U.S. request to give up.
However, Zhou Xiaochuan, the request has been many of deducing nations and some global organizations. March 24, the International Monetary Fund replied positively to the recommendations of Zhou Xiaochuan, head of the school Kahn said in Paris on the 25th, the Chinese super-sovereign global retain currency of the request is reasonable. Zhou Xiaochuan, the request in addition carried by the Russian and other "BRIC countries" to support, at the matching time, the European Union to insist the United States put frontwards to smash the aged procedure of global finance.
On the eve of the G20 summit to China and the United States on behalf of both sides for an international financial debate, is heating up.
Binding mechanism for the establishment of reverse cycle capital
Zhou Xiaochuan, said the author, the whole, China's macro-control policies are beginning to bear fruit, there are some leading indicators of warmer signs of rapid decline in economic growth has been checked the basic situation. These achievements in China's government reacted swiftly and decisively to implement a proactive fiscal policy and loose monetary policy appropriately based on the progress.
Zhou Xiaochuan believes that the current Ministry of Finance and the Central Bank of the West special mandate to stabilize the market, often through a long political process, which is often the best course of action to miss the opportunity. Economists usually focus on the macro level, the pro-cyclical, however, at the micro level, the current market structure contains a number of noteworthy features of the pro-cyclical, in response to the current crisis, reform the financial system should be addressed. In the existing market structure, it is necessary to arrange more in the micro-level mechanism of the reverse cycle (that is, a negative feedback loop), in order to ensure a more stable financial system.
In reply to these shortcomings, Zhou Xiaochuan incisive out the surviving capital adequacy ratio to subdue the vulnerability of the capital in actual, the cyclical natural world of the buffer, the sections the cause for fiscal constancy could play a certified role; and in fiscal guideline, the development of the use of reverse-cycle multiplier, Shun-cycle inhibitory element is the new way.
Standard Chartered Bank chief economist and head of global research that LEE Lai Si, macroeconomic imbalances and financial system within the combined effect of systemic failure led to the occurrence of this crisis, since the cycle of policy and risk management, especially under conditions of tight credit The lack of liquidity management is the main reason. To be out of crisis and need to establish a more balanced world economy, that is, the Western economies shift from high consumption to increase savings, Asia and the Middle East economies, high savings, reducing the savings to increase spending is also indispensable.
G20 summit frequency of the central bank will soon be issued
Focused its attention on the world will convene in early April of the G20 summit in London, hoping to find leads the world economy, "Moses out of Egypt." Lai Sze Lee try to figure out, "Despite the current focus of attention around the world is how to solve the G20 economic and financial crisis, but in reality, many countries will want more long-term."
Chinese Academy of Social Sciences Institute of World Economics and Politics, deputy chief director of the global fiscal examine, said Zhang Ming, Zhou Xiaochuan made a small number days in the past to reorganise the global monetary procedure for the average and long-term image, short time span more arduous to achieve. Once these thoughts into certainty, in the long run is locked-in to deteriorate the dollar's position, it is not unexpected that Obama opposed.
But Zhang Ming believes that the summit appears to have been involved in too many high expectations of the parties that this be achieved at once utilitarian mentality, and ultimately may become "non-weight bearing", to repeat the mistakes G20 summit in Washington, it is difficult to to reach any of the crisis in the rescue or reconstruction of the international monetary system of the substantive program.
Not long ago at a press conference on the closing date, the central bank website at 20:35 on the 26th once again signed by the central bank issued the Institute of Finance "of the reform of the international financial supervision system, few understand." In this paper, that the parties to the reform despite the current financial system made a lot of suggestions and form some consensus, but there is still "a number of issues yet to be fully aware of the parties or to reach a consensus", so to remind the parties to pay attention to the existence of the following five questions: the first step to improve financial supervision is the supervision of self-criticism; the introduction of macro-management parameters of the cycle, reverse cycle to strengthen mechanisms; regulatory agencies need to enhance the quality, or lack of supervision of the market experience and feeling; to strengthen the use of rating and rating agencies supervision; concerned about the issue of corporate governance. - 21396
posted by X - Men @ 12:36 AM
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