Most of the world is applauding the Bank of Japan’s dramatic announcement last week to double its balance sheet by the end of 2014 to pull itself out of its deflationary malaise. But that would not include most Chinese.
At this week’s Boao Forum for Asia, a Chinese government-backed conference of world government and business figures, Li Ruogu, chairman and president of The Export-Import Bank of China, and a former senior official at the People’s Bank of China, said the efficacy of quantitative easing QE is in doubt.
Japan’s intervention may just be cover for a “currency war”, Li warned, with the main intent to depreciate the...
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