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As a young market, China's financial firms have been quick to adapt their thinking to changing technology and business. After the explosive fintech growth in 2015 and 2016, relations between technological advancement and China's financial sector have grown even closer this year.

As for third-party market cooperation, China and Singapore signed a document in April, said Ning at the Singapore-China BRI Investment Forum, adding that it would benefit regional economic development, as well as the open global economy.

As an economist, Trichet is impressed by Xi's efforts to deepen structural reform by transforming heavy industry and bringing the country into the medium and high ends of the global production chain.

As for punitive measures, he said: "I generally do not think that barriers between countries are good things. I think, in the vast majority of cases, various regulations decrease the size of the global economy and make everybody in the world poorer."

As early as the beginning of this year, at the CEIBS Financial Management Salon, I made it clear that like in the stock market, where volatility is the norm, the RMB volatility is the norm in the foreign exchange market. "There is no need to panic over the RMB breaching the 7-yuan-per-dollar threshold," I said at the event.