G20 Monetary Framework advocates incremental value-added currency war cannot be solved at all

The currency war cannot be solved at all. Oriental Morning Post: The use of the the 1980s approach to Japan, restricting China's trade exports can effectively reduce trade imbalances? Triyuan: China has learned a lesson from Japan's lessons – signing the Plaza Accord and structural reform under American pressure. Therefore, one of the important issues that China should face is that a sharp appreciation of the renminbi in the short term will bring harm. So I don't think China will yield to U.S. pressure on export restrictions.　　But similar to the usual practice, China may adjust to some extent. Oriental Morning Post: Will the future play a currency war?　　Is the G20 summit expected to reach an agreement on this? Triyuan: Currency war, or global economic imbalances, is a structural problem that will not be solved in the short term. The feasibility of the solution will also take a long time to launch. The agreement reached at the G20 Finance ministers meeting in Gyeongju is not the fundamental solution to the problem. This is just a short-term structural compromise. While this means long-term policy co-ordination is the way to address global economic imbalances. Whether the future will face more intense currency conflicts depends on the group of 20.　　That is, if G20 can produce acceptable compromises on currency contradictions and a range of viable macroeconomic policies (such as the core issues of the G20 Framework Agreement), future currency disputes will be reduced. Something like a square deal is unlikely to happen in the future, and a workable currency adjustment by G20 will not be as radical as a square deal. China will not accept such a drastic approach. The best approach would be a gradual increase in the value of the world's major currencies, not only in China but also in the United States, from the structural reforms of the domestic economy.　　This is the way to promote long-term cooperation, of course, it takes a little time. South Korea tries to defuse Sino-US differences Oriental Morning Post: How does Korea view China's role in G20?　　Are you willing to act as a bridge between the developing countries headed by China and the developed countries led by the United States? Triyuan: China plays a pivotal role in the Summit process and is also playing an important role in supporting and promoting the meeting of the Group of 20 countries. I hope that China will continue to play a constructive and attractive role.　　In particular, South Korea and China enjoy a unanimous interest at the summit, and the two countries also cooperated closely on the summit. Oriental Morning Post: Some people in the west and around the world think that China is getting tougher, do you think this diplomatic gesture of China will affect the G20 summit?　　What do you think of China's GDP exceeding Japan as the world's second largest economy? Triyuan: The territorial issue is a potential destabilizing factor among Asian countries. I think China will take a responsible and cautious approach.　　Although there has been friction between China and Japan over the Diaoyu Islands issue, I do not think the territorial dispute will be discussed at this G20 summit. China's rise is an important structural change for both Asia and the global political economy. For some, this is an alert and even a threat. But for others, it offers new opportunities and possibilities. China's GDP in the second quarter of this year has surpassedJapan, the world's second-largest economy. China's power is everywhere.　　And with China's increased share of the IMF, in this sense, China has become a global leader, so no international meetings and discussions involving China will be meaningless. I think China is very aware of its own responsibilities and commitments as a result of rising international status.　　I also believe that China will live up to expectations.　　Asia's leading voice the East Morning Post: What is the significance of the G20 summit in Asia for the first time? Triyuan: The group of 20 meetings held for the first time outside Asian countries and developed countries, not only for South Korea, but also for Asian countries. The G20 Seoul summit means that the international community officially recognizes the centrality of Asian nations.　　Now that Asia is on the road to leadership reshaping international governance, the Summit is a show of Asia's leading voice in global reform.　　Oriental Morning Post: As the host country of the conference, what kind of concrete agreement does South Korea want to achieve at this G20 summit? Triyuan: Because the U.S.-China conflict over the exchange rate makes the situation less recent, many people think the G20 summit will be overshadowed.　　To that end, the host country, South Korea, is playing an unprecedented leading role in weakening the impact of this negative factor on the summit. There is no doubt that we can be confident that this Summit will produce a substantive and fruitful agreement. First, an agreement on exchange rates would be the biggest outcome of the summit. The group of 20 agreed to push for a more market-based exchange rate regime to avoid a competitive devaluation. It will also reaffirm the promotion of new policies to reduce extreme imbalances and maintain sustainable levels of development.　　By then, the leaders will ensure that their commitments are met by developing a series of measures, including mutual assessment systems. Second, leaders will sign a written agreement on reform of the IMF and global governance.　　This will also be the main outcome of the G20 summit.　　Third, South Korea's proposed global financial security Network will have substantial results at the summit. Finally, the leaders will also reach a consensus on the multi-year development Action plan, another proposal by South Korea.