A recent report makes clear that the central bank has chosen to sacrifice China’s immediate monetary needs to support Xi Jinping’s goals.
The headquarter of the People’s Bank of China, the central bank, in Beijing on Dec. 13, 2021. Andrea Verdelli/Bloomberg via Getty Images
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Commentary
For some time now, the People’s Bank of China (PBOC) has straddled the fence on conflicting policy demands.
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”
