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No ‘competitive devaluation’ in China, The efficacy of macroprudential policies

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Commentary: No ‘competitive devaluation’ in China

By Mark Sobel in Washington

When the Trump administration asserts that China steals intellectual property, violates foreign investor rights, engages in wholesale subsidisation of the economy, and raises questions about industrial policy pursuant to ‘Made in China 2025’, it stands on solid ground. Assertions about ‘competitive devaluations’ by China, however, do not stand up to scrutiny. The renminbi’s decline primarily reflects a strong US economy and contrasting cyclical developments in China, notwithstanding Beijing’s efforts to curb pressures.

Read the full commentary on the website.

Meeting: The efficacy of macroprudential policies

Wednesday 7 November, London, 12:15 GMT

A roundtable discussion with Donald Kohn, member of the financial policy committee at the Bank of England and vice-chairman of the Federal Reserve (2006-10). Topics of discussion will focus on macroprudential policies and their efficacy in monitoring risks and vulnerabilities in the financial system, and the implications of the structural transformation of the world economy for central banks.

Registration closes on 5 November.

Request to attend the meeting

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