Picking the Right Time

Following a mid-year policy review, China’s Politburo offered a surprisingly proactive statement of intent to initiate more complex financial reforms in 2017. In an environment where markets have discounted the potential for significant policy changes, particularly to the exchange rate regime, it is notable that the PBOC has recently clearly stated a desire to change exchange rate policy, and the market conditions for such a shift could hardly be better right now.

Posted August 1, 2017
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