Can China adjust its savings ratio effectively? During the Asian financial crisis, some western academia suggested devaluating yuan. Some others preferred a stable yuan, for the sake of preventing competitive devaluation. China, as a responsible large country, did not devalue and paid the price – a fairly slow recovery.
Furthermore, we support the collection of information on an aggregation-based approach that would reside within the ICS, and actively participate, together with other jurisdictions that espouse aggregation-based approaches, in the development of such an approach for the ICS. Among other things, aggregation approaches bring advantages, including sensitivity to local products and risks.