Consistent with the Distribution of Political Power

CHINA FINANCIAL - Report 29 May 2015 by Michael Pettis
Special points to highlight in this issue:Just as the development of China's banking system after the reforms of the 1980s was necessarily consistent with the institutions that governed its distribution of political power, expected changes in the institutions that will govern the distribution of political power under president Xi Jinping must affect the way the banking system itself will change. China's capital account deficit now exceeds the current account surplus, putting external pressure for the first time in two decades on PBoC money creation. The least painful way to resolve the imba...

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