Zhou Xiaochuan Calls for Global Coordination to Deal with Irregular Capital Flows

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The former head of the Chinese central bank has issued a call for greater international cooperation to deal with illicit cross-border financial activity.

Zhou Xiaochuan (周小川), governor of the People’s Bank of China (PBOC) from 2002 to 2018, said that consideration must be given to the “spill-over impacts of monetary policy,” as well as the composition of reserve currencies.

“With regard to irregular capital flows, it is necessary to establish certain preliminary mechanisms to advance coordination, and in particular mechanisms of a global nature.”

Zhou made the remarks on 13 November at the 11th Caixin Summit in Beijing.

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