Source: Sohu Finance of: Wei Hui Zhu Zhe
already kicked off the G20 summit in London has been the issue of domestic experts and scholars of international attention, At the same time, governments have already indicated their respective positions, G20 peaks which topics deserve our attention? States to stand behind that? for this series of questions, an interview with Sohu Finance Research Center of Peking University, Director of Finance and Securities Cao Fengqi.
Sohu Finance: G20 two days on the topic of much concern, especially Zhou, Wang Qishan, recently published several articles aroused strong concern, of which SDR replace the dollar made the recommendation to interview two days Many experts and scholars believe that this formulation difficult in practice, Zhou Xiaochuan, at this time why such a question?
Cao Fengqi: political considerations, or more, because China is mainly to hold dollar assets, while the United States live responsibility, with the issuance of currency by means of debt. This will be China's foreign exchange assets of great loss, a double loss, one is the loss of dollar-denominated foreign currency reserve assets, it will eventually devalue the dollar. The second is that we purchased a considerable more dollar bonds, and the Chinese buy the most, we probably have hundreds of billions of dollar bonds, in which case the loss of bonds in fact we may also be relatively large. This is the United States make our voice heard, you have to be responsible, not at liberty to use your so-called sovereign control of the U.S. dollar as a reserve currency to any currency to do.
we want to fight for our right to speak, because the International Monetary Fund, the right to speak, we are few, and several pricing not our currency RMB, so we want this approach to increase the share of the International Monetary Fund, but also improve the right to speak, and can increase the SDR, to gradually be able to use super-sovereignty or currency of the SDR to replace the U.S. dollar, which is thought to.
Sohu Finance: how do you view the new issue of international reserve currency, operability, how?
Cao Fengqi: Zhou Xiaochuan made this method well, but is long Over time, this goal may be achieved, but the current conditions are not met, is currently impossible to establish a new monetary system. I support this idea, but I think the road is long, night and difficult to understand, is that state. but we finally brought up, to challenge the dollar hegemony can only say so.
Sohu Finance: Jinglian recently said that the dollar should have a release mechanism to control the international mechanism, this should also be published, Zhou Xiaochuan the intention of the article, the G20 summit in the U.S. release mechanism of constraint can make some progress on the building?
Cao Fengqi: States raised this issue, but how to control it in the release mechanism? is difficult to achieve. This is also the idea well, how to control? International Monetary Fund, now can not play a big role, and its share of the limited funds of its own very limited share of the national reserve is seldom the SDR, especially in developing countries, how do you hold it? no way to hold it. So now only to the G20 meeting on development to improve or reform the international monetary and financial systems, but raised as a topic, while the G20 meeting expected to solve this problem I think is unlikely reality.
Sohu Finance: Now this time, the corresponding individual countries to adopt trade protectionist measures to protect the national economy, if the spread will be endless troubles. in the G20 summit, countries have their own demands, to resist consensus on the protection of its trade prospects?
Cao Fengqi: the prospect of this issue now, because the main potential is for the United States, raised in the rescue process to purchase domestic products, it is breaking the international trade rules, but actually This'd reached a consensus may be, we can no longer restore the policy of trade protection, not to the world to protect their own, should work together to eliminate this crisis. in the common course of the crisis for the elimination of trade barriers, trade protection is not in line The current world trend, the United States to not let it make to take to resolve the financial crisis, but rather want the world to do together. the world to do together is to trade around the world on this issue should not engage in all countries trade protectionism, so this one may also progress.
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