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Zhou Xiaochuan, former governor of the people's Bank of China, said on Friday that multilateralism is facing challenges due to trade frictions and other issues. The coordination and cooperation mechanism between global central banks needs further progress, and it is necessary to discuss how to better realize the functions of central banks around the world.
Zhou Xiaochuan said at the Caixin summit that in view of the spillover effect of monetary policy, capital flows and the recent impact of digital currency on global financial infrastructure, the coordination and cooperation mechanism between global central banks should be strengthened.
For the current global coordination mechanism, Zhou Xiaochuan believes that more than 80% of the IMF's main decision-making mechanism, IMFC, is attended by finance ministers, which will play a significant role in financial stability, handling financial crisis, rescue and other issues, but still lack some coordination functions of the central bank; the Basel International clearing bank (BIS) provides a communication platform between central banks, but in terms of system and authorization There is no real so-called coordination mechanism and implementation ability of the central bank's main functions.
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