China and France set up working group to promote RMB to join SDR
On August 26, François Baruan, the finance minister who accompanied French President Sarkozy, continued to stay in Beijing, with Vice Premier Wang Qishan, Minister of Finance Xie Xuren, Governor of the People's Bank of China Zhou Xiaochuan and Chairman of the China Banking Regulatory Commission. Liu Mingkang met for the first time after taking office. After the meeting, François Baruan told reporters that experts appointed by the French Ministry of Finance and the Chinese government will set up a working group to propose a plan to discuss the conditions of the RMB before the summit of the G20 leaders in November. Next, how to join the basket of the International Monetary Fund's Special Drawing Rights (SDR), "the working group will fully consider the Chinese opinions and requirements." The main topic of François Baruan’s visit is still to prepare for the G20 summit in November, in which the reform of the international monetary system is a topic promoted by France as the presiding country and also the discussion of Sarkozy’s visit to China. The focus, the financial transaction tax that was widely speculated before, has not been mentioned. France has always supported the renminbi's participation in the SDR basket of currencies. On the 25th, after meeting with Chinese President Hu Jintao, Sarkozy also said that "it is necessary to set a road and not rush to include the renminbi in the SDR basket"; It also vowed to announce that "specific measures" will be announced at the G20 summit in November. But both Sarkozy and Baruan have proposed that the renminbi should be freely convertible. Baruan said that he discussed with the Chinese side the road map for the RMB to be freely convertible and internationalized. "We hope that the final liberalization of the renminbi will be in line with China's current openness and China's position in the global economy." Ludovic Chaker, director of the Asia-Pacific, Africa and Middle East Center of the Paris School of Political Science, told reporters that the free convertibility of the renminbi is an important topic of the Sino-French talks, which is true for any Chinese economic partner. Critical. As the European government bond market continues to be under pressure, the European sovereign debt crisis has shown a trend of spreading from marginal countries to core countries. In particular, the United States was affected by the downgrade of the S&P, and France’s AAA rating was also threatened. However, Baruan told this reporter that the rating agency reiterated the French AAA rating because the French economy is a diversified economy, the quality of the labor force is high, and the household savings rate is also high in the EU, reaching 16%. At the same time, France also passed Economic structural reform measures, "Because of these measures, French government bonds will continue to be a reliable asset." Despite this, China’s confidence in the euro zone remains crucial to France. Ludovic Shaker said that the economy, especially the financial market, is a question of confidence, and what is needed now is to rebuild confidence. "So visiting China is very important for Sarkozy, even if it is only four hours." In a meeting with various economic sectors in China, Baruan also introduced the recent fiscal reduction measures taken by France to ensure the stability and sovereignty of France. On the 24th local time, French Prime Minister François-Fairon announced a new fiscal austerity plan. The plan aims to ensure that the French public finance deficit as a share of GDP fell to 5.7% this year and to 4.5% in 2012 by tightening austerity and taxation. This is also an emergency response made by France to defend the AAA rating. Although Sarkozy met with Hu Jintao on the 25th, saying that France and Germany are determined to defend the euro, France is still conservative on the issue of issuing euro bonds. Baruan said that the primary task of the euro zone is to implement the adopted plan and solve the problem of imbalanced fiscal revenue and expenditure in various countries. "Maybe a long time later, we can consider establishing a unified mechanism for issuing euro bonds, but it is not currently needed. ". As the former French Finance Minister Lagarde became the new president of the IMF, in June this year, when the European sovereign debt crisis hit again, Baruyan took over as the French Finance Minister. Before he served as French budget minister, during his 14-month budget ministerial career, he always claimed to implement stricter fiscal discipline and economically achieve more integration with Germany; although he is not as rich as Lagarde on the international stage. Experience, but he strives to establish a stronger connection with colleagues in the euro zone, especially the German Finance Minister. At the press conference on the 26th, Baruan also stressed the need for France and Germany to coordinate and respond to the European debt crisis. This is his first visit to China since he took office. He said that he intends to "establish a relationship of mutual trust" with relevant economic decision-making departments in China.
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