Zhang Monan

Chi­na’s in­ten­sive eco­nom­ic mon­eti­sa­tion is a key fac­tor dri­ving its mon­ey-sup­ply growth, writes au­thor.

Chi­na is ex­pe­ri­enc­ing el­e­vat­ed debt risk marked by high lev­els of ac­cu­mu­lat­ed lo­cal-gov­ern­ment and cor­po­rate debt.

With lit­tle sign of im­proved eco­nom­ic fun­da­men­tals, rapid cur­ren­cy ap­pre­ci­a­tion is a po­ten­tial­ly dan­ger­ous de­vel­op­ment.