久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Across America

Monetary system needs overhaul, says report

By Michael Barris in New York | China Daily | Updated: 2013-07-19 12:02

The global business community should push government officials and financial institutions to overhaul the international monetary system to assure its stability as the US dollar's dominance erodes and other national currencies come into widespread use, a professor at Toronto's York University says.

Gregory Chin, a political science professor who led the Centre for International Governance Innovation (CIGI) in a study of international monetary reform conducted with two other organizations, said in an interview Thursday that "If you have multiple currencies, but no coordination, it's extremely messy".

A new report released by CIGI, a nonpartisan thinktank on global governance, and its study partners, the Asian Development Bank and the Hong Kong Institute for Monetary Research, sees the US backing away from its four-decade role as a key currency while other nations seek widespread use of their currencies.

The report, Reluctant Monetary Leaders? The New Politics of International Currencies, was written by Eric Helleiner, faculty of arts chair in international political economy and political science professor at the University of Waterloo, Ontario.

Helleiner - who couldn't be reached for comment - writes that the 2007-2008 US financial crisis raised doubts among foreign policy makers on "whether the world is well served by the current dollar-centered international monetary system", giving impetus to China's move to begin promoting the internationalization of the yuan.

Helleiner points out that some experts have speculated that the yuan will replace the dollar as the world's key currency within a decade or so. Other analysts, he says, see the dollar giving way to "a world of several international currencies".

The paper shows that a redrawing of the global currency landscape is "a complex process" and is "not going to happen overnight", Chin said. In addition to suggesting that "we're moving toward a messy scenario", Helleiner's research also suggests the monetary system could eventually see more use of Special Drawing Rights, or SDRs -essentially IOUs that countries can exchange for cash, Chin said.

Helleiner argues that the world could drift toward a "leaderless currency system", as the US, China and other major powers become reluctant to bear the political and financial costs of having a more widely used currency.

For instance, China might have to give up some of the capital controls that have undergirded its financial system for decades to allow for the "freer flow of the yuan as an international currency", Chin said. "It's not clear to what degree the Chinese authorities are willing to make those changes in the overall model," the professor said. "This is where you get into some domestic political economy questions."

"There are probably segments where the financial sector is more interlinked with the global financial flows and where the banks might be linked. But there may be parts of the Chinese banking system that would not favor this much loosening of capital controls.

"We're not clear who the winners and losers are in this process," he said.

For the US, Chin said, the key question is "Can the US afford to continue running these current account deficits which seem to be part of the equation of having an international currency?"

The balance of trade is "in favor of the trading partner - the trading partner that is willing to use the currency of the US," Chin said. "But if the US gets serious about taking on its deficits and its debt, the real question is, unless there is a major spike in US competiveness in trading, can the US continue to bear the costs of providing this global currency?

"When it does make sense for the US to no longer try to pay this absolute role?" he asked. "More research needs to be done on this."

Polar icebreaker Snow Dragon arrives in Antarctic
Xi's vision on shared future for humanity
Air Force units explore new airspace
Premier Li urges information integration to serve the public
Dialogue links global political parties
Editor's picks
Beijing limits signs attached to top of buildings across city
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久久这里只有精品免费视频 | 日本三级成人中文字幕乱码 | 日本一级毛片视频无遮挡免费 | 久草免费在线播放视频 | 黄色毛片视频校园交易 | 自拍小视频在线观看 | 久久久久久久99久久久毒国产 | 日韩中文字幕视频在线 | 日本免费久久 | 久久久久久一级毛片免费无遮挡 | 亚洲精品一区二区三区美女 | 香蕉视频在线观看黄 | 欧美黑大粗硬毛片视频 | 欧美国产成人精品一区二区三区 | 成人做爰全过程免费看网站 | 免费精品一区二区三区在线观看 | 男女性关系视频免费观看软件 | 国产欧美精品午夜在线播放 | 精品日韩二区三区精品视频 | 老太婆性杂交毛片 | 成人9久久国产精品品 | 精品国产高清久久久久久小说 | 国产成人啪精品视频免费网 | 9cao视频精品 | 久久亚洲精品中文字幕二区 | 欧美成人免费午夜全 | 2020国产精品| 日本在线理论片 | 美国大毛片| 国产精品欧美一区二区 | 国产日b视频 | 欧美精品 日韩 | a在线观看欧美在线观看 | 亚洲国产影院 | 久久国产网站 | 免费91最新地址永久入口 | 普通话对白国产精品一级毛片 | 久热香蕉精品视频在线播放 | 高清 国产 日韩 欧美 | 国产精品线在线精品 | 国产高清一区二区三区视频 |