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MNI China Daily Summary: Friday, March 10
MNI DATA TABLE: China Aggregate Financing Data (Feb 2023)
MNI DATA TABLE: China Money Supply Data (Feb 2023)
MNI POLICY: Declining Multilateralism Limits Crisis Response
BEIJING (MNI) - Global multilateral economic frameworks are under
challenges including the distrust between China and the U.S., thus limiting
coordinated effort of central banks to handle possible economic crisis, Zhou
Xiaochuan, a former governor of the People's Bank of China, told the 10th Caixin
Summit on Friday.
"It's worrisome" that the spirit and mechanisms for cooperation among
countries are lacking, compared to the periods following the 2008 financial
crisis and the 2011-2012 European sovereign debt crisis, said Zhou.
Here are other major takeaways of Zhou's speech:
- Central banks should consider the spill-over effects of their monetary
policies such as rate cuts. It is doubtful if the current coordination system
can work in case of another economic crisis.
- The yuan internationalization is a gradual process. The process may speed
up if "certain countries with major reserved currencies" impose financial
sanctions increasingly, as such measures could prompt some economies to turn to
the yuan to bypass the sanctions.
- Central banks should provide better and more reliable financial
infrastructure as digital currencies gain acceptance. A big question for digital
currencies such as Libra is whether they could be prevented from being used for
speculation and how they provide proper public services.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: email@example.com
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