por admin » Mar Abr 03, 2012 5:21 am
El Bco Central Chino ve una recesion global. US debe hacer mas para revivir su economia.
ASIA NEWS Updated April 3, 2012, 2:02 a.m. ET
China's Central Banker Sees Risk of Global Recession
By ANDREW BROWNE And YAJUN ZHANG
BOAO, China—People's Bank of China Gov. Zhou Xiaochuan warned that the world hasn't yet emerged from the financial crisis, and cautioned the U.S. to take "more responsibility" for its efforts to revive its economy through monetary easing.
There are "new elements that could bring the global economy back into recession," the central bank chief said in a panel discussion Tuesday at the Boao Forum in the southern island province of Hainan, without elaborating on what the elements are.
Mr. Zhou expressed support for U.S. efforts to boost growth by injecting liquidity into its economy, but indicated Chinese concern with so-called quantitative easing, in which the Federal Reserve buys bonds. That's aimed at bringing down interest rates and so making it easier for companies to borrow and invest, thereby creating jobs.
"We agree very much that to overcome a very serious financial crisis, the U.S. needs to inject liquidity," Mr. Zhou said."We understand that quantitative easing is one possible choice." But it's very difficult to control the flow of liquidity, he added, and while it's hoped that money injected into the U.S. economy will stay there, "inevitably, some emerging economies will suffer too much capital inflow."
China and other emerging economies fear the complicating effect that excessive liquidity could have on their battles against inflation. Mr. Zhou said that unlike other central banks, the Federal Reserve has a global impact when it acts because the dollar is the world's main reserve currency.
"So the U.S. must have more responsibility to consider not just the U.S. economy but the global economy," Mr. Zhou said. While he said he understands the need for the U.S. to lower interest rates to promote growth, he added: "it's a trade-off."
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Jason Lee/Reuters
China's Central Bank Governor Zhou Xiaochuan, here last month, on Tuesday warned of the risk of a new global recession.
Mr. Zhou also said that relaxation of China's rules on outbound investment by enterprises and individuals is "the direction of policy reform," but that investors' lack of offshore experience, including unfamiliarity with overseas legal systems, means the process of opening would take time. "We will encourage them to do this," he added.
Following on from comments last month by PBOC Vice Governor Hu Xiaolian that China should accelerate the establishment of a deposit insurance system, Mr. Zhou added that conditions for creating a system would have been ripe, if not for the financial crisis.
Mr. Hu said late in March that a deposit-insurance system is a pre-condition for interest-rate liberalization, because it would help keep the banking system on a stable footing despite more intense competition.