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Ren Media
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Published on 7th September 2010
"Editor’s note: Several bank leaders met to discuss regional currency cooperation and RMB settlement at the recent Dianchi financial forum. Their speeches are featured here.
Wei Benhua, former deputy director, State Administration of Foreign Exchange:
The most important reason Asia saw much less loss than America and Europe during the global economic crisis is that it has a good financial system. It is under strict supervision and has sufficient capital and good operating practices.
Cheng Zhijun, deputy director-general, Ministry of Finance:
The internationalization of a country’s currency can increase its say in global economic affairs and lower the exchange rate risk. It can also promote the country’s economic and trade development.
Md. Ahsan Ullah, executive director, Bangladesh Bank:
There is no doubt that globalization is occurring due to the tremendous development of communication networks...In addition to regional cooperation in trade & finance, bilateral cooperation is on the rise. Many countries are implementing free trade policies.
Zhou Jiangong, editor-in-chief, Chinese-language edition of Forbes magazine:
China’s growing investment in ASEAN countries will promote the RMB’s importance in the free trade area.
Yi Huiman, vice president, Industrial & Commercial Bank of China:
Cross-border RMB settlement...brings huge social and economic benefits. It meets the growing needs of the enterprises for easier transaction and boosts regional trade. It helps enterprises avoid risks as foreign exchange rates of major currencies continue to fluctuate. It also sets the stage for other creative financial products and services.
Guan Jianzhong, president, Dagong Global Credit Rating Co Ltd:
Rapid development of cross-border RMB settlement surely will encourage more Chinese enterprises to invest overseas. Supported by a scientific credit system and rating system, China and its neighboring countries will be on a fast track towards closer cooperation.
Full article at China Business News
