China's Central Bank Balancing Act

The world is counting on China to combat deflation. But is its central bank ready for a star turn?

Even the Smurfs are cheaper.

Photographer: Kevin Frayer/Getty Images

Zhou Xiaochuan can forget a vacation in 2015. The world is counting on China’s central bank governor to fend off the deflation descending upon his country. There's a real question whether he can do so without making matters worse -- both at home and abroad.

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