Alert of grey rhino incident in the international market in 2020

Alert of grey rhino incident in the international market in 2020

On December 24, 2019, China news service hosted the 2019 forum of state affairs in Beijing . Lu lei, deputy director of the state administration of foreign exchange, made the following four comments:

Firstly, the basic lesson for stabilizing the foreign exchange market in 2019 is taking reform and opening up as the main means to effectively cope with severe and complex external shocks.

Secondly,  balance is the biggest highlight of foreign exchange management reform and foreign exchange market operation in 2019.

Thirdly, the focus of the reform of the foreign exchange system in 2020 will be to hold the facet, make breakthroughs point and keep the line.

Lastly, looking into the future, foreign exchange management should deepen the reform and opening up of the financial market on the premise of risk prevention and control, and modernize the national governance system and governance capacity in an open economy.

In conclusion, the external environment of China's foreign exchange market operation is undergoing profound changes in 2020.On the positive side, the basic trend of steady and long-term improvement in China's economy remains unchanged, which will help keep the economy operating within the proper range. At the same time, we must strengthen our awareness of risks, be on high alert for the "black swan" or "grey rhino" incidents in the international market, make a good response to the contingency plan, earnestly maintain the stability of the foreign exchange market and promote high-quality development.