International Economic Cooperation for a Balanced World Economy

Chongqing, China

March 12-13, 2005



The location of this G20 seminar hosted with the Central Bank and Ministry of Finance of China may have partly contributed to the spirited discussions that took place on the stability of China’s present exchange rate arrangements. Chinese participants provided some interesting historical background about the thinking that led the authorities to peg the RMB to the US dollar. They recounted how the decision largely reflected concerns about currency instability in the wake of the Asian financial crisis. With a vulnerable financial system the authorities wanted to sharply limit the risks associated with a possible devaluation of the RMB. There was also worry about the regional implications of currency instability in China, such as the likely collapse of the Hong Kong peg to the US dollar and the risk of Asian countries entering into a phase of competitive devaluations. Participants also agreed that an appropriate balance of representation in the international financial institutions was a key issue, in light of changes in the global economy. “Chairs and shares” issues could not be neglected indefinitely and their importance should not be underestimated.



  • Andrew LARGE: Deputy Governor, Bank of England
  • Andy XIE: Managing Director, Morgan Stanley Dean Witter Asia, Hong Kong
  • Angel UBIDE: Director, Tudor Investments
  • Caio KOCH WESER: Deputy Finance Minister, Germany
  • David DOLLAR: Country Director, The World Bank
  • Gao JIAN: Deputy Governor, China Development Bank
  • John WILLIAMSON: Senior Fellow, Institute for International Economics, USA
  • Lawrence BROZ: Associate Professor of Political Science, University of California, San Diego
  • Li RUOGU: Vice Governor, People’s Bank of China
  • Li YONG: Vice Minister, Ministry of Finance, China
  • Luis PEREIRA: Secretary for International Affairs, Ministry of Finance, Brazil
  • Marc UZAN: Executive Director, Reinventing Bretton Woods Committee
  • Mark ALLEN: Director, Policy Review Department, IMF
  • Masahiro KAWAI: Professor of economics, University of Tokyo
  • Pierre JAILLET: Deputy Director General, International Affairs, Bank of France
  • Randy QUARLES: Assistant Secretary for International Affairs, US Treasury
  • Richard COOPER: Professor of Economics, Harvard University, USA
  • Richard SAMANS: Managing Director, World Economic Forum
  • Wei BENHUA: Deputy Director General, SAFE
  • Yu YONGDING: Member of the Monetary Policy Committee, PBOC
  • Yung Chul PARK: Professor of Economics, Korea University
  • Zhong WEI: Professor of Economics, Normal Beijing University

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