Prudent Regulation and Maintaining Stability

来源: CHINA FOREX 2017 Issue 1 作者:Wang Guogang

At the Central Economic Work Conference in mid-December,the nation's economic planners set a policy known as "striving for progress while maintaining stability."  This took into account the global and domestic uncertainties,and was seen as an important principle in managing state affairs and carrying out all economic tasks. To effectively implement this overall strategy,it is necessary to embrace this in monetary policy as well. Moreover,as the exchange rate is an important part of monetary policy,foreign exchange management needs to be guided by prudent regulation.

Compared with past years,2017 will have more than its share of challenges and uncertainties. A nation's foreign exchange situation and its exchange rate are subject to numerous factors,among them global trade,investment and the international economic order. In 2017 there will be many uncertainties in the global economy,and they will result in new challenges to China's foreign exchange management.

Since the global financial crisis in 2008,protectionism has been gaining ground in the US and Europe. In order to protect their own interests,the US and some European countries have used various pretexts to introduce protectionist measures,and even restrained the exports of China and other developing countries. US President Trump has stated that he wants to rewrite trade agreements and has called for tough action against "unfair" trade practices.

European countries have also turned to more protectionist policies to safeguard their national and regional economic interests. In December 2016,for example,the European Union launched an anti-dumping investigation into steel imports from China,India and other developing countries. China protested but the dispute continues.

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