皇冠体育app

NEW YORK- 皇冠体育app has made a couple of positive steps in developing its financial sector and it will build up a free and open capital market eventually, Paul Gruenwald, Standard & Poor's chief economist for the Asia-Pacific region said on Monday.

In a meeting held by the Foreign Press Center in New York, Gruenwald listed several developments 皇冠体育app had made in integrating its financial sector to the global financial system: the rising foreign debt flows, the growing outward foreign direct investment and the gradual capital account opening.

Gruenwald said that although 皇冠体育app is the No 1 trading economy in the world, its financial sector lags behind that of the United States and other advanced economies. However, 皇冠体育app has used its "late-mover advantage" to learn from the policy missteps of other countries.

In his recent report titled "Is 皇冠体育app Catching the US", Gruenwald expressed similar views.

"The emerging market landscape is littered with examples of countries that opened up their financial markets too soon, too quickly, or with the wrong sequencing, which led to a combination of external and banking crises and, typically, an approach to the IMF for funding," said Gruenwald in the report.

"皇冠体育app's gradual capital account opening was the right strategy and has served the country well," he added.

He also argued that the usage of the Chinese yuan in international payments has surged in recent years, showing the progress 皇冠体育app has made in connecting to the other parts of the world financially.

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