PBoC's Zhou dismisses talk of renminbi devaluation ahead of G20 meetings
Chinese governor expects capital outflows to subside
People's Bank of China (PBoC) governor Zhou Xiaochuan has sought to allay fears of a renminbi devaluation, suggesting China's economy has strong fundamentals and little to gain from a weaker currency.
His comments came in a rare press conference at the PBoC's Beijing headquarters yesterday, ahead of the G20 meetings in Shanghai, beginning today (February 26).
High on the agenda will be stock market volatility in China, which has contributed to global markets' worst annual start since the 1930s.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Macroeconomics
Forbearance does not always lead to ‘zombification’ – BoE paper
Well-designed policies can support firms through temporary periods of stress, researchers find
Stiglitz offers alternatives to standard theories of economic fluctuations
Nobel prize winner argues that endogenously driven variations are key to understanding economies
BIS highlights market ‘uneasiness’ over bond issuance
Claudio Borio says fiscal outlook worldwide is “acutely worrying”
Phillips curve is convex in short term – NBER paper
Data on US and UK shows firms respond more to positive than negative demand shocks
Italian lenders do not under-report default risks – central bank
Commercial lenders’ internal rating-based systems “less conservative” than central bank’s
OECD highlights ‘resilient’ economies beset by risks
Geopolitics, high public debt and possible repricing in private credit markets threaten outlook
South European states benefited most from NGEU – ECB
Recovery and resilience facility’s structural reforms expected to pay off in the long run
NBER paper offers ‘unified theory’ of liquidity traps
Researchers ask whether major economies are doomed to return to zero lower bound