TRANSFORM THE MECHANISM OF RENMINBI’S EXCHANGE RATE SYSTEM IN CONFORMITY WITH THE DEMAND OF MARKET ECONOMY——The academic report delivered at the Annual Meeting of NNCIFS on October 1993

Exchange rate functions under systems of centrallyplanned economy and market economy are quite different,and the mechanism to determine such exchange rate is alsodifferent. To adopt a socialist market economic system inChina, the exchange rate mechanism of Renminbi must bethoroughly transformed. To accomplish this goal, I believethere are three problems that must be solved: first,

A Few Characteristics of China-Africa People's Exchanges Reflected by the Second China-Africa People's Forum

The second China-Africa People’s Forum (hereinafter referred to as the Forum) was held from July 10th to 11th in Suzhou, China. The Forum takes "People’s Voice, People’s Friendship and Cooperation for the People" as its theme. Chinese Vice-President Xi Jinping attended the forum and delivered a keynote speech titled "Promoting New Development of the New-Type of

The Case for Stabilizing China's Exchange Rate:Setting the Stage for Fiscal Expansion

China＇s financial conundrum arises from two sources. First, its large saving （trade） surplus results in a currency mismatch because it is an immature creditor that cannot lend in its own currency. Instead, foreign currency claims （largely US dollars） build up within domestic financial institutions. Second, economists, both American and Chinese, mistakenly attribute the surpluses to an undervalued RMB. To placate the USA, the result was a gradual and predictable appreciation of the RMB against the dollar of 6 percent or more per year from July 2005 to July 2008. Together with the fall in US interest rates since mid-2007, this one- way bet in the foreign exchanges markets not only attracted hot money inflows but inhibited private capital outflows from financing China＇ s huge trade surplus. Therefore, the People＇s Bank of China had to intervene heavily to prevent the RMB from ratcheting upwards, and so became the country＇s sole international financial intermediary as official exchange reserves exploded Because of the currency mismatch, floating the RMB is neither feasible nor desirable, and a higher RMB would not reduce China＇ s trade surplus. Instead, monetary control and normal private-sector finance for the trade surplus require a return to a credibly fixed nominal RMB/USD rate similar to that which existed between 1995 and 2004. However, for any newly reset RMB/USD rate to be credible as a monetary anchor, foreign ＂China bashing＂ to get the RMB up must end. Then the stage would be set for fiscal expansion to both stimulate the economy and reduce its trade surplus.

Highlights of CAFIU's International Exchanges (From December 2009 to February 2010)

December 2009 (1) December 1-2, at the invitation of CAFIU, the 7-member delegation of the Hungarian

Highlights of CAFIU's International Exchanges in 2016

January January 4,Vice President Ai Ping attended the farewell reception for Indian ambassador Kantha.Deputy Secretary-General Liu Kaiyang attended the activity.January 12,Secretary-General Ni Jian met with a Thai friend Chang Nianzhou,President of Strategy 613.

Highlights of CAFIU's International Exchanges

(From June to December, 2011)June(1) June 1, CAFIU Deputy Secretary-General Ni Jian met with Mr. Suzuki Eiji, Council Memberand Secretary-General of Japan Overseas Council.(2) June 2, CAFIU Deputy Secretary-General NiJian met with the delegation headed by Mr.Horizoe Hideto, Executive Director of theDevelopment Association for Youthworkers ofJapan.

Nanjing’s Cultural Exchanges with Foreign Countries

AS an ancient capital city,Nanj-ing has a long history of cul-tural exchanges with foreigncountries.The ruler of the Kingdom ofEastern Wu(222-280 A.D.)sent en-voys to over 100 states in Hainan andSoutheast Asian islands.Some of thestates paid return visits.For instance,in243 the ruler of Funan(present-dayCambodia)sent a musical group to theEastern Wu King,who then built aFunan Music Hall for court maids tolearn Funan music and dances.Dur-ing the Southem Dynasties(420-589A.D.)exchanges with foreign countriesincreased and Funan sent envoysto Jianye and Jiankang(present-dayNanjing)over 30 times.Ancient SriLanka,which was known as the LionState in ancient China,Tianzhu(an-cient India).Persia,the Korean Penin-

Highlights of CAFIU’s International Exchanges

March (1) March 1 and 14, CAFIU Secretary-General Mr. Xu Jianguo met with Mr. Li Beihua, Member of Czech-China Association. (2) March 12-14, at the invitation of CAFIU, Mr. Kushihara Yoshinao, former Member of the House of Representatives of Japan and others visited Beijing. CAFIU Advisor Mr. Liu Deyou met with them. CAFIU Secretary-General Mr. Xu Jianguo held discussions with the guests.

China's Regulations on Cultural Exchanges with Foreign Countries

China's cultural exchanges with foreign countries follow cen- tralized administration by the Ministry of Culture.On June 27,1997,the Ministry of Culture promul- gated the Regulations on Foreign Cultural and Artistic Performances and Exhibi-