[Pan Gongsheng: Global imbalances cannot rely on exchange rate adjustment] On October 15th, Pan Gongsheng, Governor of the People's Bank of China, stated at the Group of Twenty (G20) Finance Ministers and Central Bank Governors meeting on the 15th that all parties should have a more comprehensive analytical perspective on global imbalances. We should not only look at the current account, but also pay attention to financial channels. Especially as global financial integration deepens, more attention should be paid to the impact of financial factors such as capital flows on imbalances. Global imbalances cannot rely on exchange rate adjustment. The exchange rate is affected by many factors such as economic growth, monetary policy, financial markets, geopolitics, and unexpected risk events, and there is no simple linear relationship with the current account. Deficit countries and surplus countries should work together to achieve a dynamic balance in the global economy.