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Yu Yongding
By Yu Yongding - Jun 28,2018
BEIJING — No one wins in a trade war. Yet, US President Donald Trump seems determined to pursue one with China, which he accuses of causing America’s trade deficit, violating World Trade Organisation (WTO) rules, and using unfair practices to acquire foreign technology.
By Yu Yongding - Aug 24,2017
On August 11, 2015, the People’s Bank of China (PBOC) established that the central parity of the renminbi’s exchange rate against the US dollar would be set with reference to the previous trading day’s closing price, within a 2 per cent band.It was a bold step towards a more flex
By Yu Yongding - Jul 31,2016
China’s economic growth has been slowing for six years — far longer than expected.Eager to stem the slide, Chinese government officials and economists have desperately sought a clear explanation pointing towards an effective policy response.And, last November, they officially pla
By Yu Yongding - Aug 16,2015
At a time of slowing economic growth and massive corporate debts, a deflationary spiral would be China’s worst nightmare. And the risk is mounting.The producer price index (PPI) has been in negative territory for 39 consecutive months, since February 2012.
By Yu Yongding - May 27,2015
After four disappointing years, Chinese economists have realised that slowing GDP growth — from a post-crisis peak of 12.8 per cent in 2010 to about 7 per cent today — is mainly structural, rather than cyclical.In other words, China’s potential growth rate has settled onto a sign
By Yu Yongding - Dec 02,2014
Financial repression — government policies that create an environment of low or negative real interest rates, with the goal of generating cheap financing for public spending — has long been a key feature of Chinese economic policy. But with funding costs for business
By Yu Yongding - Jul 05,2014
The Nobel laureate economist Robert Mundell showed that an economy can maintain two — but only two — of three key features: monetary-policy independence, a fixed exchange rate, and free cross-border capital flows. But China is currently juggling all three — an



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