Zhou on four key decisions that forged the modern-day PBoC

Zhou Xiaochuan shares his insights on central bank leadership in China’s economic reform

L to R: Central Banking’s Christopher Jeffery with Zhou Xiaochuan
L to R: Central Banking’s Christopher Jeffery with Zhou Xiaochuan
Photo: Lucy Stewart

During the Asian financial crisis, when you were administrator of the State Administration of Foreign Exchange, a decision was taken not to devalue the renminbi. Can you explain who argued for maintaining the peg and the rationale for this – it appears you informed SAFE officials about the decision about a month before premier Zhu Rongji made the formal announcement?

During the Asian financial crisis, the primary goal of China’s economic leaders, including the People’s Bank of China (PBoC) and

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