Trilemma, dilemma, and the PBoC's primer for the 'new normal'

"Recently the trend has been a return to normality, a return to rationality, a return to fundamentals. Unless there is some unusual circumstance, I believe this trend will continue." Such were the remarks by People's Bank of China (PBoC) governor Zhou Xiaochuan during a press conference on the sidelines of China's rubber-stamp National People's Congress in March 2016.

Whether the macroeconomic situation has improved in China is, of course, up for debate. However, what Zhou did recognise was that

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