The U.S. berates China for its exchange rate policy, which Washington doesn't like. But one-sided pressure on China to change its exchange rate is misplaced.

Not having an exchange rate policy -- and we do not have one -- does not mean there is benign or malign neglect. For the time being there is neglect.

I think it's very clear that China is introducing a new exchange rate mechanism. It is not a one-time adjustment.

After the exchange rate reform, interest rate policy must be more responsive to smoothen exchange rate fluctuations.

The most important initiative you could take to improve the world economy would be to stabilize the dollar-euro rate.

The whole idea of having a free trade area when you have gyrating exchange rates doesn't make sense at all. It just spoils the effect of any kind of free trade agreement.