Related News
Hu says US monetary policy has major global impact
January 17, 2011, Monday
|
Online Edition
Online Edition
Chinese President Hu Jintao said today that the monetary policy of the United States has a major impact on global liquidity and capital flows.
Hu made the remarks in an written interview with reporters from Wall Street Journal and Washington Post before his upcoming state visit to the United States, due to start tomorrow.
"Therefore, the liquidity of the US dollar should be kept at a reasonable and stable level," Hu said.
According to Hu, the current international currency system is the product of the past. As a major reserve currency, the US dollar is used in considerable amount of global trade in commodities as well as in most of the investment and financial transactions.
"It takes a long time for a country's currency to be widely accepted in the world," he pointed out.
China has made an important contribution to the world economy in terms of total economic output and trade, and the Chinese currency, the Renminbi (RMB), has played a role in the world economic development, he said.
"But making the RMB into an international currency will be a fairly long process," he added.
"The on-going pilot programs for RMB settlement of cross-border trade and investment transactions are a concrete step that China has taken to respond to the international financial crisis, with the purpose of promoting trade and investment facilitation," he said.
"They fit in well with market demand as evidenced by the rapidly expanding scale of these transactions," he said.
Hu made the remarks in an written interview with reporters from Wall Street Journal and Washington Post before his upcoming state visit to the United States, due to start tomorrow.
"Therefore, the liquidity of the US dollar should be kept at a reasonable and stable level," Hu said.
According to Hu, the current international currency system is the product of the past. As a major reserve currency, the US dollar is used in considerable amount of global trade in commodities as well as in most of the investment and financial transactions.
"It takes a long time for a country's currency to be widely accepted in the world," he pointed out.
China has made an important contribution to the world economy in terms of total economic output and trade, and the Chinese currency, the Renminbi (RMB), has played a role in the world economic development, he said.
"But making the RMB into an international currency will be a fairly long process," he added.
"The on-going pilot programs for RMB settlement of cross-border trade and investment transactions are a concrete step that China has taken to respond to the international financial crisis, with the purpose of promoting trade and investment facilitation," he said.
"They fit in well with market demand as evidenced by the rapidly expanding scale of these transactions," he said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
