Policy Talking Points: Q&A on the Currency

来源: CHINA FOREX 2017 Issue 1

In an effort to gain a better understanding of the state of China's foreign exchange administration,the sharp swings in the value of renminbi and how do the foreign exchange reserves relate to renminbi internationalization,Debra Lodge,Managing Director Global Markets,Head of RMB Business Development North America interviewed Mu Zhiqian a former consultant to the State Administration of Foreign Exchange. That discussion follows in question and answer form.

Q: Many companies complain that China's management of foreign exchange is getting stricter regarding the conversion of foreign exchange and in making offshore remittances. There appears to be a huge gap between official pronouncements and actual practice. Banks are caught in the middle and criticized by both sides. Can you comment on this?

A: Thank you for your honest assessment of the situation. This shows confidence and strength on your part. Enterprises get first-hand experience on a daily basis from actual practice under our regulatory system. The predicament of the banks,which stand between the enterprises and the regulatory authorities,is entirely understandable.

But I would just like to point out the fact that the balance of payments plays an essential role in a nation's economy,including ours. It is one of the four key areas of our macroeconomic control. We conduct a dynamic form of regulation that responds to a dynamic state in the balance of payments.

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