Tsinghua Global Finance Forum opens in Beijing
- By Cui Can
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E-mail China.org.cn, May 26, 2019
Those who speculate and sell the yuan short will surely suffer heavy losses, according to the prepared speech of Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), for a finance forum held in Beijing on May 25.
Guo noted, "It is normal for there to be short-term fluctuations of the yuan exchange rate. However, in the long-run, China's economic fundamentals ensure the yuan will not depreciate persistently." Xiao Yuanqi, chief risk officer and spokesperson of the CBIRC, read the speech on behalf of Guo at the Tsinghua PBCSF Global Finance Forum.
The forum, organized by Tsinghua University PBC School of Finance (PBCSF), and held in the New Tsinghua Xuetang Building, attracted a large group of scholars, bank governors and senior officials from the banking, securities and insurance industries.
The theme of the two-day forum is "supply-side reform and opening-up." This year's forum seeks to shed light on a wide spectrum of topics including fintech, defusing financial risks, as well as opportunities and challenges in regard to wealth management.
Guo's speech also stressed that an escalation of the trade conflict being waged by the U.S. would solve nothing, but only cause itself hurt and serve no one's interests. The U.S. has huge overseas assets and liabilities, and is more reliant than any other country on the dollar-dominated international financial system. A trade war would certainly result in turbulence and sluggishness in the international market and "harm the whole world."
At the forum, a report on China's financial policy in 2019 was released by PBCSF, showing how the financial sector is playing a fundamental role in serving the real economy. Developing the direct financing market remains a key in the financial supply-side reform, thus helping to avoid the dilemma between fending off risks and supporting the real economy.
Another report entitled the "2019 Semi-Annual Report of China's Systemic Financial Risk," issued by the Tsinghua University National Institute of financial Research, showed that, in the first half of the year, China's systemic financial risk at macro level had dropped significantly compared to 2018.
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