On Nov 26th, Prof. Robert A. Mundell, was invited by SZU Advanced Research Institute and lectured on the title International Exchange Rate and Global Economic Crisis at the International Conference Hall. SZU held a ceremony with President Zhang Bigong of SZU conferring Prof. Mundell the Honorary Professorship of SZU.
Before the lecture, President Zhang and Vice President Li Fengliang met with Prof. Mundell at the guestroom. President Zhang briefed ShenzhenUniversity to Mundell, saying that the whole campus had been eager to see him. Prof. Mundell referred to that Shenzhen was a dynamic young city teeming with high-tech industries and talented people, and that this was his first time to come to a university in Shenzhen. Afterwards, Mundell started his lecture with a full audience in the hall. Prof. Mundell elaborated the relations between the global financial crisis and the volatility of U.S. Dollar which had led to fluctuation of exchange rate, and the Federal Reserve Board sanctioned this fluctuation, thinking it a solution to the global economic recession. He thought the policy of Federal Reserve Board was like the Quiet West Front of World War II, whick resulted in the spreading of the recession.
Prof. Mundell also talked about the rise of China. He thought China played a more important role in the world. He predicted RMB would become the third world currency in the next year or the year next. He pointed out that it was the best way for China to keep a stable exchange rate between US.dollar and RMB. He thought the present international exchange system had a big problem due to the volatility of Dollar and Euro, He advocated a world currency as the cornerstone for the stability of world economy, and Chines RMB would certainly play an important part in the new system.
After the lecture, questions from the audience swarmed to Prof. Mundell, and his answers were echoed with applause. Many students insisted group photos with Prof. Mundell.
(Edited by Liu Liwen, Internationa Office, SZU)
