Purpose

The conference will assess the challenges to the international monetary system arising from the declining role of the US dollar to and the expected long-term rise of the RMB. This conference will try to find appropriate policy responses in the post-crisis period in Asia, both in terms of foreign exchange policy in the PRC and reform of the international monetary system. The four major areas included in this conference are:

1. relevant historical experiences of Japanese foreign exchange rate policy;
2. outlook for foreign exchange rate policy in the PRC;
3. current issues of the international monetary system from the perspective of the PRC and Japan as the world's largest creditor nations; and
4. desirable reforms of the international monetary system from the perspective of the PRC and Japan

Background

Asia faces a new era after the global financial crisis, moving toward more responsibility in the global economic, monetary and financial system. The US and Europe will suffer from relatively long aftershocks from the crisis, while Asian economies are expected to maintain strong growth on the whole. In particular, the People's Republic of China (PRC) has now become the world's second largest economy, and the renminbi (RMB) is being internationalized gradually, while Japan remains the world's third largest economy. Thus, both the PRC and Japan are likely to play key roles in the evolution of the international monetary system post the global crisis.

Objectives

The purpose of this conference is to analyze issues of Japan's experience of foreign exchange policy in the current international monetary system, prospects for PRC foreign exchange policy, issues for the PRC and Japan under the current system, and recommendations for reform of the international monetary system from the standpoint of the PRC and Japan. The participants in this workshop will include policy makers and academics, researchers from various think tanks and a broader audience. Towards the end of the conference, the participants, guided by the findings of the various research papers and comments raised, will discuss the important policy issues of the international monetary system and identify possible policy recommendations.

Participants

Around 50 people

Language

English and Japanese (We will provide simultaneous interpreter)

Partners

In cooperation with Osaka City University and Jilin University.