China will reform its foreign exchange system in an orderly way and will not bend to pressure from the US to float the yuan, governor of the People's Bank of China, Zhou Xiaochuan has asserted.
The Chinese central bank on Monday warned the country could face huge uncertainties in the wake of slow world recovery process and the unstable economic and financial situation in Europe.
China is on the offensive. Long a bystander in international economic affairs, Beijing has in recent weeks announced a string of initiatives for remoulding the global financial system. And they all have one target - knocking the US dollar off its perch.
The prime interest rate levels have hit 'record lows' and fiscal deficits 'have soared', is the sobering analysis of Zhou Xiaochuan, Governor of the People's Bank of China, on the global economy.
Reserve Bank of India Governor Raghuram Rajan took charge of India's central bank when the rupee seemed to be in a tailspin while the country was facing runaway inflation.
However, dealers said that most of the rupee's gains were lost on consistent dollar demand from state-run oil refiners and other importers.
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
'Chinese real GDP growth is 7.1% and India's is 7.4%'.
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