When, after the crisis, many commentators attribute the crisis to overvalued exchange rates, and others urge these countries to hold reserves equal to their short-term debt (the so-called Guidotti Rule), is it surprising that authorities intuitively feel justified in resisting appreciations?
It is essential for the development of the financial sector and a necessary step towards deepening supply-side structural reform in the financial sector and quality development of the real economy. First, the financial sector is in essence a competitive service industry. The financial sector and financial markets have three major functions. The first one is efficient resource allocation.