IMF Conference

8:45—9:00

CHEN Yulu, Deputy Governor, People’s Bank of China

9:00–12:45

Over the past year, China has advanced exchange rate liberalization, and is now referencing a basket of currencies. As the country moves toward a float, three interrelated questions arise: (i) what kind of a flow should China adopt, (ii) how should it get there, and (iii) and how to intervene in the market in the context of a float to ensure proper market functioning. While this session will rely on international experience, it will also take into account China’s unique position in the world, including its size and the RMB’s special status as a currency in the SDR basket.

Part I: 9:00—10:45

Exchanges Rate Frameworks

Moderator: 

Markus Rodlauer, Deputy Director, Asia and Pacific Department, IMF

Speakers (10–15 minutes each):

MA Jun, Chief Economist, People’s Bank of China Research Bureau

Laurence H. Summers, Professor of Economics, Harvard University and Former U.S. Treasury Secretary

(at 10am, via video)

Alejandro Werner,Director, Western Hemisphere Department, IMF

Joseph E. Gagnon, Senior Fellow, Peterson Institute for International Economics

Simon Gray, Division Chief and China FSAP Mission Chief, Monetary and Capital Markets Department, IMF

Discussion

10:45—11:00

Coffee break

Part II 11:00-12:45

Exchange Rate and Supporting Monetary Policy Frameworks

Moderator: GUO Kai, Deputy Director General, International Department, People’s Bank of China

Speakers (10–15 minutes each):        

LI Bo, Director General, Monetary Policy Department, People’s Bank of China

Michael Spencer, Global Head of Economics and Head of Research, Asia Pacific, Deutsche Bank

MIAO Yanliang, Head of Research, SAFE Investment Center, State Administration of Foreign Exchange

Feng, Charles, Managing Director, Standard Chartered

Tommaso Mancini-Griffoli, Deputy Division Chief, Monetary and Capital Markets Department, IMF

Discussion

12:45-14:00

Lunch

Keynote speaker: Alan M. Taylor, Professor, University of California, Davis

14:00—17:15

14:00-15:30

Part I: China’ s Rapidly Changing Financial System: Drivers and Future Development

This session will look at key drivers of China’s rapidly changing financial landscape, future opportunities (including the development of derivatives markets), and key challenges.

Moderator: 

HUANG Xiaolong, Deputy Director General, Financial Stability Bureau, People’s Bank of China

Speakers (10–15 minutes each):        

LI Wenhong, Director General, China Banking Regulatory Commission

RAN Hua, Director General, Futures Supervision Department, China Securities Regulatory Commission

LUO Sheng, Deputy Director General, Development and Reform Department, China Insurance Regulatory Commission

Miquel Dijkman, World Bank FSAP Mission Chief

Discussion

15:30—15:45

Coffee break

15:45-17:15

Part II: Regulatory Frameworks and Macro-Prudential Policies

Using insights from Financial Sector Assessments of the key G20 countries (including the United States), this section will discuss how these apply to China as it strengthens its regulatory frameworks. In particular, this section will look at good practices for the development of macro-prudential policy frameworks. 

Moderator:      

Ratna Sahay, Deputy Director, Monetary and Capital Markets Department, IMF

Speakers (10–15 minutes each):        

Donald Kohn, Senior Fellow Brookings and Former Vice-Chairman of the U.S. Federal Reserve

Mark Sobel, Senior Advisor, U.S. Executive Director Office, IMF, Former Deputy Undersecretary United States Treasure Department

Daranee Saeju, Senior Director, Financial Institutions Strategy Department, Bank of Thailand

Erlend Nier, Deputy Division Chief, Monetary and Capital Markets Department, IMF

Alfred Schipke, Senior Resident Representative, IMF

Discussion

17:15—18:15

The panel discussion will draw on key insights from the day’s discussions. Panel members will summarize the main take-always of the two sessions, with a focus on potential lessons for China.

Moderator:      

HUANG Yiping, Professor, Peking University

Panelists:        

YI Gang, Deputy Governor, People’s Bank of China

ZHU Guangyao, Vice Minister of Finance

Rodrigo Vergara, Former Central Bank Governor, Chile

Arminio Fraga, Founding Partner Gavea Investment and former Central Bank Governor, Brazil

18:15—18:30 

Markus Rodlauer, Deputy Director, Asia and Pacific Department, IMF

18:30—20:30