China's clever central bankers

Much has been said, including in FinanceAsia, about the inevitability of the revaluation of the peg. However, new research by Stephen Green, author of a forthcoming book on the mainland privatization process, indicates that the PBOC (People's Bank of China) is managing to balance the competing pressures bearing upon it to an extent that that the pressure for a big revaluation is not as great as many think.