Although we have been critical of the pace of reform in China in recent years, it is important to acknowledge the flurry of activity that has taken place in the first half of this year. The Chinese and Western press have been chock-full of new financial initiatives pushed forward by policymakers. Most of these initiatives [...]

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The People’s Bank of China (PBoC) released a report (Chinese language) this week that focused on prospects for capital account liberalization. Opening up the capital account would be a major reform, perhaps the most significant in a more than a decade. It would give Chinese savers an escape hatch from financial repression and force the [...]

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