As China is facing increased downward economic pressure, the devaluation pressure on RMB too is increasing; the need to look for an effective measure to prevent RMB from devaluing further is of particular importance.

ANBOUND's scholars are of the view that Chinese decision-makers should consider reaching a currency swap agreement with U.S. Federal Reserve.

If such an agreement is reached, this will not only helps to stabilize RMB exchange rate but also speeds up the internationalization of RMB.

This should be made part of the national agenda and China should step up efforts to achieve this agreement.