the global financial system,

After the United States selected the Obama administration's policies will likely suppress the lack of progress in the political parties to address the deficit and debt problem is basically no hope. Right now, the Fed has continued issuing enthusiasm, the world can expect U.S. dollar debt is to continue to depreciate. However, when the Super-dollar currencies have been flocking behavior of emerging markets in emerging economies, most of the time boycott - such as joint implementation of dollars into the heavy taxes - and then, even though China still embrace the territory of dollars into the euro zone debt market and asset markets as an alternative may still be warmer. And if China can before investing in Europe, the layout first, then will be to maximize the dollar to restore the proliferation of foreign reserve under the yoke of the strategic value has shrunk dramatically.
Although Sarkozy interested in the G20 platform based on reform of the global financial system, such as to prevent competitive devaluation of national currencies, IMF reform, etc. However, the G20's serious interests of the separation of different camps, access to universal approval of the substantive reform is difficult to form. IMF for many years to free floating exchange rate system, it is difficult to obtain consensus. G20 finance ministers meeting recently to discuss the issue of control trade surplus, even more do not have practical significance. This is not only the surplus countries such as Germany, a unified exchange rate in the euro system, there is no way to adjust the exchange rate to adjust export prices, reducing exports and trade surplus, and surplus countries such as China, before the completion of the exchange rate reform, there is no real means to enable the surplus dropped to 3 to 5 years, within 4% of GDP, which is an objective situation. World Bank and Standard Chartered Bank, China's trade surplus is given the proportion of GDP 4% higher than the medium-term forecast data.
G20 meeting most likely to achieve consensus is the recognition of the emerging market countries, large capital inflows to the U.S. dollar means of control, such as the inflow of tax collection. This is not to say that the world will present a counter-gesture of the global expansion of financial capital, but the globalization of capital up to today, the inevitable global economic imbalances result.
For China, relevant departments should further study the data - if the linked exchange rate, the proportion of domestic and other goods of RMB devaluation and inflation, export enterprises and domestic enterprises will bring upward pressure on commodity prices, costs and how much? Because the foreign trade enterprises are unable to transfer inflation to the market, the results will lead to internal and external economic co-contraction. This a great impact on unemployment? Against the U.S. dollar, or simply a great impact on unemployment? In fact, inspired by the recent domestic raw materials due to inflation and labor costs have greatly increased the cost of more than 30% of exports, even without a significant appreciation of the Chinese economy of excess capacity the next round of cleaning may also be inevitable. Need to do a variety of early assessment, early transition to do to prepare. In addition, the current domestic inflation dilemma better than the G20's foreign affairs worthy of worry.