Demand for Renminbi exceeded expectations during the subprime crisis
In his speech, Zhou Xiaochuan pointed out that after the financial opening up, the local government should gradually change from more restrictions to free use and convertibility. The development and use of RMB is related to the US dollar. When the US dollar fluctuates, people seek the RMB. During the subprime crisis, demand for RMB exceeded expectations. However, it is also the free choice of participants in the global market.
How to Deal with Trade Friction
Talking about how to deal with trade frictions, Zhou Xiaochuan believes that there are two basic ways to deal with them. First, through trade negotiations and WTO reform, we should return the wrong trade policies to normal, which is the right remedy.
Second, as far as China is concerned, the part of export reduction to the United States should be exported to other countries through expanding sales channels as far as possible. I think China has great potential in this respect. Now the quality of products exported by China is quite good, and the price is reasonable. There are more than 7 billion people all over the world and a few hundred million people in need. After that, there are still many places to sell these products. ?
There should be some process of encouraging export diversification in policy making. In two or three years, you can find new export markets and establish new export markets.
Source: Responsible Editor of 21st Century Economic Report: Yang Bin_NF4368