With the developing world’s growing use of costly and opaque “payday loans” from China’s central bank, the IMF and World Bank need to demand far greater transparency from Beijing.
My new paper for the Geoeconomics and Geofinance Initiative of the Institute Français des Relations Internationals’ (IFRI) explores the history of the Sino-American financial relationship.
Foreign Affairs Executive Editor Justin Vogt and authors Zongyuan Zoe Liu, Michael Pettis, and Adam S. Posen launch the November/December 2023 issue of Foreign Affairs and discuss the Chinese economy and what is causing its stagnation, along with China’s ability to recover and how U.S. policy is affected.
The rest of the world has a big stake in whether China responds to the demand drag from its construction and real estate slump with looser monetary policy or with direct stimulus to households.
China's reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians. The available evidence suggests that it still holds about 50 percent of its reserves in dollar bonds.
China's current balance of payments data doesn't quite make sense. Significant and poorly explained gaps exist between the reported BoP data and the underlying source data. China's economy is so big that data gaps really matter.
By all accounts, China is sure to have an outsized impact on the world over the next 100 years. Richard Haass and Elizabeth Perry, director of the Harvard-Yenching Institute, consider China’s rise and the implications for global order.
China’s second quarter balance of payments data points to a significant increase in the foreign asset accumulation of the state banking system. That at least raises the question of whether China’s authorities are resisting pressure on the yuan to appreciate.
Audio snippets subject to human review; Huawei employees help African governments’ spying; major vulnerabilities revealed in U.S. fighter jets; China’s central bank close to releasing digital currency; and a new ransomware used to attack companies.
China really did manipulate its currency before the global crisis. It really doesn't do so now. But how China's manages its currency still matters for the global economy.
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