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RMB devaluation short denied China's exchange rate reform, the current exchange rate reform to promote the right time. Shengsong Cheng said that from abroad environment, the past six months due to expectations for a US rate hike, speculative capital flows America. From the domestic environment, China's economic slowdown, profit margins decline, the debt rate increased rapidly, stock market volatility, interest rates and other factors caused panic risk aversion. From the foreign exchange market, the RMB offshore market, the onshore market influence each other, inside and outside the RMB market arbitrage opportunities, accelerate the RMB exchange rate fluctuations. But these factors are mostly temporary, long-term attractiveness of China to international funds still exist. 'Over the past decade, most of the time the yuan is undervalued, even if short-term renminbi devaluation pressure, depreciation will not be much,' Shengsong Cheng said, 'At present, China's interest rate is much higher than the United States, the future of US interest rate will continue to exist China and the US are large countries, China and the US interest rates influence each other, China's interest rate would not have been dropped, the US interest rate rise would not have been present, China can inhibit the decline in interest rates of RMB appreciation, so the exchange rate reform to promote the right time. ' Commenting on the recent volatility in financial markets when China, Shengsong Cheng said that in recent years Chinese bonds, stocks, exchange rates and other financial price volatility, reform is not in place, the reform is not enough coordination performance. First, the Chinese interest rate, exchange rate reform and capital account liberalization are not fully coordinated, currency reform and capital account liberalization is relatively slow. Second, the real economy, reform lags behind financial reform, financial market development lags Moreover, 'only to continue to promote coordination of the reform, the reform in order to reduce costs and risks, defuse potential crises.' At the forum, Chinese National People's Congress Financial and Economic Committee Vice Chairman Wu Xiaoling pointed out that China's bank deposit market is open only to inhibit the development of other financial institutions, it should open up large deposits to increase social market supply of credit, and now have the support this innovative conditions. Cao Yuan Zheng, chief economist at Bank of China believes that Chinese companies asset-liability ratio is very high, resulting in higher cost of risk financing more expensive, improved corporate balance sheets need to develop domestic financial markets, promote financial reform,