Loss of faith

Article Abstract:

There are strong indications of a loss of confidence in the renminbi in China. Capital outflow from the country rose to $51 billion in 1997, from $16.6 billion in 1996, and foreign exchange reserves have fallen, even though the trade surplus rose in the second quarter of 1998, as did direct foreign investment. Some observers believe that the Chinese government could be forced to devalue the renminbi. Other measures may be taken, including forcing exporters to give all their foreign-currency earnings to the government.

Economic aspects, Prices and rates, Monetary policy, Yuan (China)

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Black-box bankers: China's little-known central bankers face reform

Article Abstract:

China's mysterious central bank appears to be making some internal shifts, but observers cannot be certain. Zhu Xiaohua, a remarkably young executive who heads the State Administration of Exchange Control, may have recently been fired for not controlling the inflow of hard foreign currency. While Zhu Rongji officially heads the bank, its day-to-day operations are controlled by Chen Yuan and Zhou Zhenqing. The bank has made recent improvements to its operations, many of which are attributed to Chen Yuan.

Management, Economic policy, People's Bank of China

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