HKS Affiliated Authors
James W. Harpel Professor of Capital Formation and Growth
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Excerpt
China Confronts the Market. Jeffrey Frankel, September 4, 2015, Opinion, "China’s current economic woes have largely been viewed through a single lens: the government’s failure to let the market operate. But that perspective has led foreign observers to misinterpret some of this year’s most important developments in the foreign-exchange and stock markets. To be sure, Chinese authorities do intervene strongly in various ways. From 2004 to 2013, the People’s Bank of China (PBOC) bought trillions of dollars in foreign-exchange reserves, thereby preventing the renminbi from appreciating as much as it would have had it floated freely..." Link