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2026-10-15 19:04:21
[Pan Gongsheng, Governor of the People's Bank of China, Attends the G20 Finance Ministers and Central Bank Governors Meeting] Pan Gongsheng pointed out that escalating geopolitical conflicts remain the biggest uncertainty for the global economy. Significant fluctuations in some countries' sovereign debt markets and the risk of valuation corrections in AI-related assets have exacerbated financial vulnerability. Promoting the modernization of financial regulation does not equate to relaxing regulation, and should not undermine the stability and risk resilience of the financial system. All parties should make full use of the G20 financial cooperation platform to strengthen macroeconomic policy coordination and jointly address global risks and challenges. Regarding global imbalances, all parties should have a more comprehensive analytical perspective. We cannot only look at the current account; we must also pay attention to financial channels, especially as global financial integration deepens, and we should pay more attention to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot be addressed through exchange rate adjustments. Exchange rates are affected by a variety of factors, including economic growth, monetary policy, financial markets, geopolitics, and unforeseen risk events, and do not have a simple linear relationship with the current account. Deficit and surplus countries should work together to achieve a dynamic balance in the global economy. (People's Bank of China)
