By 2008 as a result of years of intervention to hold e.r. down, the balance sheet of China’s PBoC had swollen to 70% of GDP. Today it is down to 35%. Its reaction to 2020 shock has been very modest. If intervention happening it is off the books.
economist.com/finance-and-ec… https://t.co/bQCsHq2zyW
RT @JGodiasMurphy: Fascinating: @adam_tooze draws a bright line from William Jennings Bryan’s “crucify on a cross of gold” politics to
October 16, 2021
RT @JGodiasMurphy: Fascinating: @adam_tooze draws a bright line from William Jennings Bryan’s “crucify on a cross of gold” politics to tod…