On the face of it, the miserable state of the global economy makes it seem odd that any central bank might be characterised these days as hawkish. And yet that is not a bad description of the People’s Bank of China. There are some nerdy technical reasons for this. Yet there is a bigger picture, too: call it the geopolitics of monetary policy.
從表面上看，在全球經濟已如此悲慘的情況下，最近形容任何一家央行「鷹派」似乎都是奇怪的。不過這對中國央行(PBoC)來說並不是一個不好的描述。這其中有一些書生式的技術原因。但也有一幅更大的圖景，不妨稱之爲貨幣政策層面的地緣政治。
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