Ali Babacan Quotes

Well, I make a practice of not commenting on the role of the relative exchange value of our currency.

Since we don't use any type of currency manipulation schemes - we have a floating exchange market - we are very glad to consider any type of process that would stabilize the Mexican peso.

A flexible exchange rate is important, and it shouldn't be artificially restrained because of the needs of the economy.

I don't have a shred of regret about entering the exchange-rate mechanism.

After the maxi yuan depreciation of 1994 and until 2005, exchange-rate fixity was the order of the day, with little movement in the CNY/USD rate.

In Argentina, if the weather is bad, critics will blame it on the currency board.

We will not reform the yuan until the time is right even if there is external pressure.

You've had an extremely weak euro on the foreign exchange markets, you've had a very dubious policy being followed.

We are now preparing for the reform of the yuan's exchange rate system. For such reforms to take place, we need good economic conditions... and we need to do it under tight control.

Even the National Bank of Romania doesn't have the huge resources needed to intervene in the market and keep the leu at an acceptable level, because they're drawing close to a floor below which the bank's reserves can't drop. The central bank has to wait for a moment of calm to efficiently conduct its interventions.

It does not mean of course that the pound here in Britain in your pocket has been devalued .

Currency pegs force a common policy on countries…

As treasury secretary, I don't see it as my role commenting on the dollar in short-term movements.

I am advocating a weak yen to a certain extent.

We are still keeping, as much as we can to the one million commitment that we made, hoping that at a certain point in time, the headwinds represented by the strength of the yen will be a little bit less strong.

The euro is a hybrid of a fixed exchange-rate regime, like the 1980s ERM or the 1930s gold standard, and a state currency.

We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

What there is no dispute about is whether or not China is a currency manipulator. They are a currency manipulator. They actively intervene every single day to keep the value of their currency less than it would be against the dollar than if it floated freely. We think. Even China barely disputes that.

As for when to reform the yuan, there is no timetable yet.

Many of the worst crises occur when there is a financial collapse in a country with pegged exchange rates. Both successful and unsuccessful defenses of a pegged exchange rate require large expenditure of foreign exchange reserves that could be used for investment or consumption. Both also require strong deflationary measures that severely reduce income, wealth, and living standards.

I think partly the decline in the peso was due to worry about renegotiation of NAFTA, but I think we also need to think about some other mechanisms for making the peso/dollar exchange rate a bit more stable.

I think that many central banks and financial authorities understand that any long term attempt to compete through an artificial depreciation of their currency will not be very effective in the long term.

There's a lot of companies that profit from a weak dollar.

If inflation-adjusted interest rates decline in a given country, its currency is likely to decline.

The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.