Zhou Xiaochuan, Huang Qifan and others gathered to talk freely about RMB exchange rate and financial opening up

category:Finance
 Zhou Xiaochuan, Huang Qifan and others gathered to talk freely about RMB exchange rate and financial opening up


Foreign exchange reserve is a huge wealth of our country, and it is very important to the financial market, which directly affects the currency issue and the stability of RMB. But currently foreign exchange has become the target of the United States to launch a trade war or financial war, so we should rethink the strategic issue of foreign exchange, especially pay attention to strengthening the development and construction of RMB. Chen Yuan, Vice Chairman of the 12th CPPCC National Committee and Chairman of CF40 Standing Council, first delivered a keynote speech on exchange rate manipulation and China-US monetary relations.

Zhou Xiaochuan, president of the China Finance Association and former president of the Peoples Bank of China, said that the current global market system began to show a very obvious distortion.

Although we do not want to see a trade war, if some measures are taken against us, we will inevitably resort to reverse sanctions. But these practices will inevitably have an impact on openness and resource allocation. Zhou Xiaochuan said.

Second, with the development of IT technology and networking, many sectors of the economy have begun to appear network effects, and the phenomenon of winner-take-all has emerged. This is not necessarily an increase in scale in the traditional sense, but a result of the network effect. In the process of competition, there are many phenomena of expanding scale and flow by burning money, and the largest network companies in the world are concentrated in the United States, which poses new challenges to opening up.

Third, the US-led monetary-based economic sanctions have brought obvious distortions to the allocation and efficiency of global market resources. The reason they do this is because they control the dollar. There may be new ways to control the global trading currency (the dollar) in the future. Every transaction that uses the dollar can use this advantage to observe and sanction.

The United States is also monitoring global information trading systems by different means, and may use other means of science and technology to monitor them. These links have a great impact on globalization, global resource allocation, global supply chain and optimal allocation of efficiency. Zhou Xiaochuan said.

In view of the above problems, Zhou Xiaochuan put forward three countermeasures. Firstly, we should take good measures to deal with trade frictions. The second is to study how to maintain a more competitive market order. On the one hand, we can see the growth of market distortions and reduce such distortions by paying more attention to fair competition and other measures. Thirdly, by paying close attention to and promoting the internationalization of RMB, we should resist the significant distortions created globally based on the reserve currency of US dollar.

Huang Yiping, Chairman of the CF40 Academic Committee and Vice President of the Beida Development Institute, said that Chinas bilateral trade deficit with the United States was to a considerable extent a result of the global industrial chain. Chinas trade balance with the world was basically close to zero, that is to say, we did not have a very obvious imbalance problem, and the United States and the United States had both trade deficits. The surplus in border trade has actually fallen sharply recently. Therefore, in this context, it is not reasonable to judge China as a currency manipulator.

Huang Yiping believes that the central banks operation of foreign exchange policy has three important objectives: first, to expand the flexibility of the RMB exchange rate. Secondly, the exchange rate level is gradually determined by market mechanism. Third, keep the exchange rate relatively stable at a balanced and reasonable level and minimize excessive volatility in the short term. Many empirical studies have found that the role of Chinas financial channels has far exceeded that of trade channels. In other words, even if the Peoples Bank of China considers a weak RMB to be beneficial, in fact, it is not necessarily beneficial to Chinas economic growth. This may be true for China, especially for the United States.

Opening to the outside world should be done sooner rather than later, faster rather than slower.

In late July, the Office of the Finance Committee of the State Council launched 11 measures to open up the financial industry, which laid down the fast-forward key for further opening up in China. As an important part of Chinas economic and financial work in the future, it is imperative to step up the implementation of a series of major opening-up measures.

We should adhere to the principle of opening up sooner rather than later, and faster rather than slower. Expanding financial opening to the outside world is the inherent requirement of deepening financial supply-side reform and realizing high-speed economic development. Looking inward, we need to further stimulate market vitality through opening up. Looking outward, we need to open up endogenous power to seize opportunities. We should break the existing pattern of interests as soon as possible in the process of reform. Chinas financial market is still not fully competitive in many areas, and the quality and effectiveness of services are difficult to meet the needs of economic development. We should break the barrier of interests as soon as possible and establish a new financial pattern of mutual benefit and win-win situation. At the third Yichun Forum of Forty People in Chinas Finance held on August 10, Shang Fulin, the chairman of the 13th CPPCC Economic Committee, made the above remarks. He said that under the current international political, economic and financial situation, we should strengthen the determination and confidence of reform and opening up and expand the financial strategy of opening to the outside world.

Shang Fulin said that under the influence of internal and external uncertainties, foreign financial institutions will have some wait-and-see mood to some extent. In this regard, we should have an objective understanding of our countrys opening potential. First, we should fully estimate the strong resilience of our financial market in dealing with global political and economic uncertainties. On the other hand, we should see that Chinas financial opening to the outside world still has great potential. Since the Eighteenth National Congress of the Communist Party of China, China has accelerated the transformation from the opening of commodity elements to the opening of rules and other systems. The rules of financial opening system are speeding up. Chinas financial market will inevitably usher in a new situation of institutional and systematic opening up. It will surely unleash a greater attraction on the world.

Shang Fulin said that we should persist in promoting reform through opening up and development through reform. We should improve the efficiency of financial markets by introducing specialized foreign investment institutions with expertise in risk control, credit rating, wealth management, professional factoring, consumer finance and pension insurance. Introducing these industries will have an impact on China, so we should improve our ability to cope with it. By introducing these foreign investment institutions and businesses, we can promote the domestic financial institutions from the expansion of quantity and scale to the development of high quality. Especially in this Sino-US trade friction, we can see that the impact itself has formed an inversion mechanism for the independent innovation of Chinese enterprises, and to a certain extent, accelerated the pace of innovation-oriented upgrading of Chinese enterprises. The financial industry must speed up independent innovation by means of opening to the outside world and provide better, cheaper and more efficient matching financial services for the transformation and upgrading of enterprises. Shang Fulin said. Shang Fulin said that he acted strictly in accordance with international rules and actively participated in the formulation of rules and standards. To expand the high-level two-way opening of finance, we need a fair, open and transparent market rules and a legalized business environment, follow the principles of national treatment and negative list before access, set high-level international rules, objectively reflect Chinas situation in the aspects of financial system stability assessment, anti-money laundering and anti-terrorism assessment, and strive for fairness. Encounter. At the same time, we should gradually shift from learning and adapting to international economic and trade rules to actively participating in global economic governance, leading the formulation of international rules and enhancing the voice and influence of the international financial governance system.

Cai E-sheng, vice-chairman of CF40 Standing Council and former vice-chairman of China Banking and Insurance Regulatory Commission, said that we should unswervingly expand the opening up of the financial industry. Expanding the opening up of financial industry is the need of the development of financial industry in China. It is also the inherent requirement of deepening the structural reform of financial supply side and achieving high-quality economic development. It is one of the important contents of Chinas economic and financial work in the coming period to strengthen opening up and implement a series of major opening-up measures. In the future, we should further create a fair, transparent and predictable institutional environment and business environment to achieve a wider and higher level of two-way opening of the financial industry.

Cai pointed out that we should follow the trend to promote the development of financial science and technology. In recent years, scientific and technological factors continue to penetrate deeply into the financial industry. The mode of information acquisition and management service based on scientific and technological means is fundamentally changing the global financial industry pattern. We should follow the trend, consolidate basic research, make good use of science and technology and data, and further stimulate the vitality of the financial industry in the context of expanding the opening up.

In addition, innovation and collaboration are needed to help upgrade regulation. While expanding financial openness and developing financial science and technology, we should also keep a high degree of vigilance against financial risks and earnestly safeguard financial security and stability. We should strengthen international cooperation in financial supervision, establish appropriate and effective regulatory framework and standards through continuous innovation of technology and mechanism, and promote the sound development of Chinas financial industry with high quality.

Financial science and technology has not changed the purpose and security principle of any financial tradition.

In recent years, scientific and technological factors continue to penetrate deeply into the financial industry. The mode of information acquisition and management service based on scientific and technological means is fundamentally changing the global financial industry pattern.

Xiao Gang, a senior CF40 researcher and former chairman of the China Securities Regulatory Commission, emphasized the importance of promoting the deep integration of the new generation of artificial intelligence and finance. Intelligent finance is the deep integration of AI technology and financial industry, which can assist, enhance, replace and surpass human intelligence. Speeding up the development of a new generation of artificial intelligence is a strategic issue that concerns whether China can seize the opportunity of a new round of scientific and technological revolution and industrial change. Xiao Gang pointed out.

Huang Qifan, CF40 academic consultant and vice president of China International Economic Exchange Center, further indicated that financial science and technology have not changed any traditional purpose of Finance and security principles. Internet financial system must learn from the profound lessons of P2P development in recent years and must not violate the basic characteristics of finance. People who violate financial common sense think they are smart enough to hold a certain space, and at last they are smart enough to miss Qingqings life.

In view of the current popular biometric technologies, such as face brushing and fingerprint, Huang Qifan said that online security authentication technologies, such as biology, two-dimensional code, iris, fingerprint, face brushing and voice identification and authentication technologies, must be franchised, and all such technology companies must be licensed before taking photos, and must have a higher entry threshold.

Huang Qifan believes that the authentication and identification system belongs to the major national security category, but it has been widely used in the Internet financial business without long-term security testing, which obviously violates the requirement that the security of the financial industry must be infinitely close to 100%. Therefore, at present, the payment and transfer of funds of Internet financial companies must adhere to the principle of small amount. At the same time, all kinds of Internet authentication and identification technology can only be used offline. After a long period of accumulation and trial-and-error of technology, the online pilot project can gradually mature and be launched under the authorization of the national technical management department.

Huang Qifan said, Now, the Internet financial business is often attacked by hackers, these attacks are actually breaking through the network authentication system. Therefore, if the identification information is transmitted on the Internet without a high technical threshold as a guarantee, anyone can develop it, and take cheap and convenient as the starting point and ignore the security level, then forgery is inevitable, and network hackers will be popular. Therefore, all Internet identification technologies must be subject to the technical monitoring of the public security departments. Huang Hao, president of Digital Finance Group of Ant Jinfu Group, points out that financial science and technology is the best way to promote inclusive finance besides national macro-policy. Huang Hao also pointed out that the means and channels of financial services will change dramatically with the development of technology, but the essence of Finance always needs to be respected and financial risks always need to be revered, which are not contradictory. Source: Zhang Mei_NF2100, responsible editor of the Securities Times Network

Huang Qifan said, Now, the Internet financial business is often attacked by hackers, these attacks are actually breaking through the network authentication system. Therefore, if the identification information is transmitted on the Internet without a high technical threshold as a guarantee, anyone can develop it, and take cheap and convenient as the starting point and ignore the security level, then forgery is inevitable, and network hackers will be popular. Therefore, all Internet identification technologies must be subject to the technical monitoring of the public security departments.

Huang Hao, president of Digital Finance Group of Ant Jinfu Group, points out that financial science and technology is the best way to promote inclusive finance besides national macro-policy. Huang Hao also pointed out that the means and channels of financial services will change dramatically with the development of technology, but the essence of Finance always needs to be respected and financial risks always need to be revered, which are not contradictory.