I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment.
More Quotes from Zhou Xiaochuan:
Otherwise, in two or three years' time, once domestic consumption loses steam, there will then be a lot of pressure around issues such as the exchange rate and trade friction.Zhou Xiaochuan
We don't worry too much what other people say.
Zhou Xiaochuan
Our investment demand has been very strong for several years, so we are now trying, to some extent, to slow down investment and enhance the household consumption demand to improve the economic structure.
Zhou Xiaochuan
The currencies in the basket depend on the amount of foreign trade we conduct. The U.S., euro zone, Japan and South Korea are our biggest trading partners now, ... Hence, their currencies are naturally the main ones in the basket.
Zhou Xiaochuan
At the same time, international capital is rather mobile, and China's economic system is still not able to withstand sudden and disorderly adjustments.
Zhou Xiaochuan
We know the U.S. has pressures -- employment issues and elections and the credibility of the government. For China, we could also say that the current state is not only good for China but also for the rest of the world and also good for the U.S. because we are using our foreign exchange reserves to buy U.S. Treasury bonds and subsidize U.S. consumers.
Zhou Xiaochuan
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