MNI China Press Digest Nov 02: PBOC, SAFE, China U.S.

Highlights from Chinese press reports on Thursday:

• China wants to work with other countries to increase macroeconomic policy coordination, according to Lei Yao, deputy director at the Financial Research Institute of the People's Bank of China (PBOC). Lei said central banks that pursue different economic and monetary policies had harmed global economic growth and called for more coordination to help global economic and financial resilience. The PBOC has decided strengthening international macro-policy dialogue will be the theme for its forum at next week’s 2023 Financial Street Forum Annual Meeting in Beijing, Lei added. (Source: Securities Times)
• Authorities will take measures to attract more foreign financial institutions to invest long-term capital in China, according to Wang Chunying, deputy director and spokesperson at the State Administration of Foreign Exchange (SAFE). Speaking in response to the recent Central Financial Work Conference, Wang said SAFE would keep the yuan exchange rate stable at a balanced level and improve the quality of capital account opening. He noted that the domestic economy can maintain a stable and positive recovery which gives the foreign-exchange market and international balance of payments a solid foundation to maintain smooth operation. (Source: Yicai)
• China and the U.S. have agreed to work together to arrange a meeting between the countries presidents in San Francisco, said Wang Wenbin spokesperson for the Ministry of Foreign Affairs. When asked about the U.S. announcing the meeting as confirmed, Wang said the road to San Francisco cannot be carried out on "autopilot" and the two sides should earnestly return to the Bali consensus.