Fortune Global Forum calls for stabilized currency exchanges

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The world needs to cooperate further to stabilize global currency exchanges and to create more fortune, said panelists at the Fortune Global Forum which closed yesterday in Chengdu, capital of Sichuan Province.

The three-day forum gathered CEOs of Fortune 500 companies and senior leaders from China and other nations to discuss issues revolving around the theme of "China's New Future." It was the fourth time for China to host the forum.

"We should establish a global mechanism to manage the current increasingly divided currency exchanges," said Robert Mundell, Nobel Laureate in economics and a professor at Columbia University.

Mundell made the remarks in a panel named "Rewriting the Global Rule Book."

Li Daokui, another speaker in this panel and a professor of economics at Tsinghua University, urged international currency owners such as the US and Japan to act more responsibly.

He said the impact of quantitative easing, as a measure to bolster economic growth adopted by both the US and Japan, would be short-lived because it has strong spillover effects that could anger other counties, and it would be unsustainable if there is no facilitating reforms.


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