Word: xiaochuan
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...country's plan "should be front-loaded and forceful," said China's central bank governor Zhou Xiaochuan. "If confidence collapses, it's too late for us to react. It takes a long time to recover. We learned this from the experience of other countries." Zhou said he saw some signs of improvement in China's economic data, implying that big increases in stimulus spending were unlikely in the near future. In other words, if the rest of the world wants a rescue, it should save itself...
...lectures from a series of Chinese officials about all the additional steps the U.S. must take to solve its economic mess. The U.S. had to stop consuming and start saving, because "global imbalances" were at the root of the financial crisis, People's Bank of China Governor Zhou Xiaochuan told Paulson. And, added Vice Premier Wang Qishan, Washington needed to "take all necessary measures to stabilize its economy and the financial market to ensure the security of China's assets and investments...
...Part of the difficulty for China's central-bank chief, Zhou Xiaochuan, is that the country lacks reliable statistics on which to base economic projections and policies. "They're driving at night without good headlights," says Stephen Green, Shanghai-based economist with Standard Chartered. Another problem is that monetary and fiscal policies are intimately tied up with politics. For example, Chinese President Hu Jintao's centerpiece program of building a "harmonious society" by raising wages and improving state services such as health care for poorer workers plays well with the masses, but may undermine efforts to contain inflation...
...Erian will also be advising the International Monetary Fund on the financing of its core operations. He will serve on a “committee of eminent persons” along with former Federal Reserve Board chairman Alan Greenspan, People’s Bank of China Governor Zhou Xiaochuan, and five others, the fund announced Thursday. El-Erian rose to deputy director of the IMF’s Middle East Department during his decade-and-a-half at the fund, and he was reportedly a candidate for the fund’s top post. —Staff writer Cyrus...
...Snow was not the only one to applaud. China's move received qualified praise from Bangkok to Tokyo to Washington, where U.S. Federal Reserve Chairman Alan Greenspan called it "a good first step." It's unclear whether Beijing acted because of American pressure or in spite of it. Zhou Xiaochuan, head of China's central bank, said the shift was made because the dollar had become too volatile, so it was in China's own long-term interest to change. Whatever the reasons, the decision is expected to smooth strained relations between China and the U.S.?good timing, given that...