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China's Central Bank Is Working Hard to Stand Still

  • PBOC using increasingly complex tools to manage money market
  • Market volatility shows effort isn’t always flawless
A person rides a bike past the PBoC.
Photographer: Zhang Peng/LightRocket via Getty Images

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While some of the biggest central banks are agonizing over changing direction, the People’s Bank of China is working hard to stay right where it is.