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It is tempting to view economic events in China through a single template: the view that they are driven by government intervention because the authorities haven’t learned to let the market operate. After all, Mao’s portrait still hangs on the wall and the Communist Party still governs. But the lens of government intervention has led foreign observers to misinterpret some of the most important developments this year in the foreign exchange market and the stock market. An instance of such misinterpretations is the confused positions of many American congressmen, which have helped bring about the opposite of what they really want from China’s exchange rate.


Frankel, Jeffrey A. "Misinterpreting Chinese Intervention in Financial Markets." China-US Focus, September 10, 2015.