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Global currency cooperation needed
http://www.ecns.cn/business/2013/06-09/67914.shtml
Jun 9th 2013, 01:50
2013-06-09 10:50 Shanghai Daily Web Editor: qindexing
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The world needs to cooperate further to stabilize global currency exchanges, said panelists at the 2013 Fortune Global Forum in Chengdu, yesterday.
The three-day forum has attracted global business leaders and high-ranking government officials under the theme of "China's New Future."
This is the fourth time for the Fortune Global Forum to be held in China.
"We should establish a global mechanism to manage the current increasingly divided currency exchanges," said Robert Mundell, Nobel Laureate in economics and a professor at Columbia University.
Mundell made the remarks in a panel named "Rewriting the Global Rule Book."
Li Daokui, another speaker on this panel and a professor of economics at Tsinghua University, urged international currency owners such as the US and Japan to act more responsibly.
He said the impact of quantitative easing, as a measure to bolster economic growth adopted by both the US and Japan, would be short-lived because it has strong spillover effects that could anger other counties, and it would be unsustainable if there were no facilitating reforms.
As for the yuan, which is seeking more weight on the global stage through gradual internationalization, Mundell said that China needs to make the currency more attractive for investors.
"Firstly, China should allow convertibility of the yuan, and then try to create investor demand for it," Mundell said.
In this sense, China had better turn from trade surplus to trade deficit, Mundell added.
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