Still, we have no choice but to make steady efforts to learn from the past crises in various countries in order to ward off currency crises and contain contagion. I am told that this conference will take up such issues related to currency crises and I am convinced that your discussions will provide a good opportunity to enhance our understanding.
While China's investment rate is extremely high, its saving seems even higher, and it has accumulated a large stock of dollar assets. So it appears that there has been in a number of countries an excess of saving over national investment needs, which has flowed abroad looking for returns. All other things given, this puts downward pressure on the international cost of capital.