Thinking About China
Opinion

Chinese Central Bank Defies Beijing’s Five-Year Plan

Despite the promise of China’s recent five-year plan to pursue an easy monetary policy, the PBOC insists on keeping what is effectively the opposite.
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Chinese Central Bank Defies Beijing’s Five-Year Plan
Paramilitary policemen patrol in front of the People's Bank of China, the central bank of China, in Beijing on Jul. 8, 2015. Greg Baker/AFP via Getty Images
Milton Ezrati
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Milton Ezrati
Milton Ezrati
Author
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”