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China expects the world to step up economic policy coordination

On Friday, Li Keqiang, Chinese Premier called on world leaders to boost macroeconomic policy coordination, having met the heads of the World Bank, the International Monetary Fund as well as other senior global economic officials.   

Li Keqiang stressed that the sound fundamentals of the Chinese economy remained intact notwithstanding facing strong downward pressures. He added that the government's debt ratio appeared to be moderate, though he stressed that the government would boost regulation of the shadow banking sector and also keep an eye open on local government fiscal practices.

Apart from that, the premier addressed worries that China’s currently promoting its exports via aggressive policy support with the Yuan dropping against the dollar.

Considering the financial volatility as a result of Brexit, China is going to advance the market-based reform of the exchange rate.

The Chinese government are on the verge of maintaining a basically steady exchange rate at a balanced level and they won’t engage in a currency or trade war. 

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