Don’t Expect The Reform Process To Be Linear

CHINA FINANCIAL - Report 01 Oct 2014 by Michael Pettis
• Recent rumors that Zhou Xiaochuan will retire as governor of the PBoC should not be interpreted as an indication that Beijing has changed its mind about the urgency of reform. Given Zhou’s age, it was unlikely that he would remain in his seat for very long, and in fact if these rumors are true, they may simply reflect recognition by Beijing that as the reforms are implemented, conditions are likely to become tougher. Replacing Zhou at a later date would then be more damaging then replacing him now.• In fact in the past month analysts have been worried by a number of stories, besides rumor...

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