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In Saudi Arabia, China pushes for a new global financial consensus
China’s central bank governor has offered to deepen financial ties with emerging economies and help them gain a greater voice in the IMF.
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China’s central bank governor offered to deepen cooperation with emerging economies on a series of issues and to help them gain a greater voice in global financial governance during a series of speeches in Saudi Arabia.
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Pan Gongsheng, governor of the People’s Bank of China, pledged to work with the Gulf states to promote currency stability, expand bilateral financial investment, and create integrated payment systems during a meeting with central bank governors from the region.
China would also work with Gulf Cooperation Council (GCC) members on digital currency and anti-money-laundering efforts, Pan added, according to a news release issued by the PBOC on Tuesday.
China has long sought to internationalise its currency, reduce its reliance on the US dollar, and enhance its financial autonomy to facilitate global trade and investment. This effort is also central to President Xi Jinping’s vision of turning China into a financial powerhouse.
On the same day, speaking at a conference organised by the International Monetary Fund and the Saudi Finance Ministry, Pan urged emerging markets to increase their exchange rate flexibility and strengthen cooperation to safeguard financial stability during a period of heightened currency volatility.
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“Emerging markets face mounting challenges such as geopolitical risks, economic fragmentation, rising trade protectionism, slowing medium-term growth, financial market volatility, cross-border capital flow pressures, and rising global debt risks,” Pan said in Alula, Saudi Arabia.
He also pressed the IMF to expand support for developing nations and accelerate reforms to its quota system to better reflect the structure of the global economy, as some countries currently have disproportionate voting power and access to IMF financing.
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