China admits communication failings on renminbi
January 25, 2016 Category Finance, Weekly
Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission (CSRC) has conceded that poor communication contributed to global market anxiety over China’s falling currency. “Our system is not structured in a way to communicate seamlessly with the markets,” Fang told an audience in Davos. “You bet we can learn.” Fang sought to counter widespread concern that China is responding to a domestic economic slowdown by pushing the renminbi weaker. Fears of sharp depreciation have fueled unprecedented capital outflows from China in recent months and are also blamed for sparking a global equity sell-off. Christine Lagarde, Managing Director of the International Monetary Fund was reported in the Financial Times as saying that growth would continue at a robust level because the transitions “are all manageable if the right policies are taken”. Consumption accounted for 52.5% of the economy last year, up from 49% five years ago. Jack Lew, U.S. Treasury Secretary, shared the sanguine mood about China’s economic prospects. “I don’t see the situation today being so dramatically different from what we were seeing at the end of last year.” He said the acid test would be if China stuck to its reform path and managed its currency without seeking an unjustified trade advantage, the Financial Times reports.
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