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| Zhou: looking to reform rural financial system |
ZHOU XIAO CHUAN is in a relaxed mood. The governor of the People’s Bank of China is sitting in his Washington, DC, hotel suite during the IMF/World Bank meetings sipping a beer. Maybe Zhou is at ease because the gathering is closing and he is looking forward to returning to Beijing. Or maybe it’s because for the first time in a long while at an IMF meeting the biggest industrialized countries haven’t criticized China’s exchange rate policy, which Zhou oversees.
In a September 23 statement, the G7 said: “We welcome the recent decision by the Chinese authorities to pursue greater flexibility in their exchange rate regime. We expect the development of this more market-oriented system to improve the functioning and stability of the global economy and the international monetary system.”...
