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CF40 Seminar on Chinese Economy and RMB Exchange Rate

Recently, with the Fed’s accelerated pace of monetary tightening and increased geopolitical conflicts, global financial markets have gone through frequent turbulences, and the equity markets suffered significant declines. At the same time, the Chinese economy was once again hit by the resurgence of the covid pandemic. New social financing in April and other macroeconomic indicators all dropped sharply, while the real estate market was still at the bottom. The Chinese yuan has fallen 5 percent against the US dollar since the end of April.

Against this background, CF40 launched a seminar to discuss relevant issues and coping strategies. The hybrid seminar featured both online and offline participation, and had offsite venues in Beijing and Shenzhen.

The seminar kicked off with keynote speeches from Liu Shangxi, CF40 member and President of Chinese Academy of Fiscal Sciences and Zhang Bin, CF40 Non-Resident Senior Fellow and Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences. Following the lead-off speeches were thematic discussions between Zhang Xiaohui, CF40 Non-Resident Senior Follow and Gao Shanwen, CF40 Academic Committee Member and Chief Economist of Essence Securities. The experts discussed the cause of RMB exchange rate fluctuations, risks and prospects of the Chinese economy, and offered policy recommendations from various perspectives.

Also attending the seminar were officials from the People’s Bank of China, Development Research Center of the State Council, National Council for Social Security Fund of China. The discussion also featured participants from the academia and the industry, including Huang Yiping, Chairman of CF40 Academic Committee and Deputy Dean of National School of Development at Peking University; Liu Yuanchun, President of Shanghai University of Finance and Economics; Cheng Manjiang, Chief Economist at BoC International; and Liang Hong, Director of the Institute of Innovation and Industry Studies at Hillhouse Capital, among others.

CF40 Secretary-General Wang Haiming moderated the event.