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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](/sites/default/files/styles/landscape_750_463/public/2019-05/L-to-R-Central-Banking%E2%80%99s-Christopher-Jeffery-Zhou-Xiaochuan-122.jpg.webp?h=db5cfdf4&itok=ck95FKgu)
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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