Editorial Board

Does China's Central Bank Know What It's Doing?

As the Fed can attest, monetary policy can be hard to explain.

Building credibility one statement at a time.

Photographer: Tomohiro Ohsumi/Bloomberg

If you think the U.S. Federal Reserve has a problem communicating its intentions, spare a thought for the People's Bank of China. In the space of a few days, China's central bank has changed policy twice, and the message was largely unintelligible both times.

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