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as the G20.

“As we are now all fac­ing the pres­sure of the global eco­nomic down­turn, it is im­por­tant for coun­tries around the world to know more about each other’s poli­cies and thus to avoid pol­icy con­flicts, such as a cur­rency war,” Zhao said.

Al­though China’s for­eign ex­change re­serve fell in Jan­uary to $3.23 tril­lion, the low­est in the past three years, Xiao Lian, an econ­o­mist with the Chi­nese Academy of So­cial Sci­ences, said the num­ber is still man­age­able.

“The for­eign ex­change re­serve is af­fected by many el­e­ments, not just im­port and ex­port num­bers,” he said. “China’s for­eign re­serve out­flow has been a trend for one year or so. I be­lieve that if nec­es­sary, the govern­ment will take due mea­sures to deal with it.”

Xiao also said that it is China’s own de­ci­sion whether to join the ex­pected “New Plaza Ac­cord”.

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