Michael Pettis writes: For now the PBOC has more than enough reserves to implement any currency strategy it chooses. It should avoid dissipating credibility by attempting to boost growth and reverse capital flight with a currency strategy that cannot do either. It should focus on reining in debt. If capital outflows and slower growth are driven by uncertainty over debt, they can only be resolved by government policies that resolve this problem. – Wall Street Journal (subscription required)
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