China is sidelining its once venerated central bank, the People's Bank of China (PBOC), in a shift that has seen the bank's influence on economic policymaking decline. This became particularly noticeable in March when the PBOC was subordinated to the Central Financial Commission, and some of its powers were transferred to a party oversight body and a revamped financial regulator. Consequently, the PBOC governor is now ranked lower in the party hierarchy than the chiefs of banks the PBOC used to regulate. Additionally, there is an unprecedented threat looming as Russia and China are on the brink of a military alliance that could challenge the current status of the United States. After the collapse of the USSR, the US military power was unchallenged for decades, but the situation has changed by 2023. Amidst these developments, concerns are rising that the Chinese Communist Party (CCP) may ramp up its aggressively anti-America behavior as China’s economy faces downward pressures.
Even the most sophisticated American companies have gotten China all wrong. As China’s economy descends, the risks increase that the CCP ramps up its aggressively anti-America behavior. https://t.co/x1dLlzdxod
Russia and China are on the brink of a military alliance that could overwhelm the US https://t.co/8uyjVh28D2
1/6 Recently, as this FT article notes, the influence of the PBoC on economic policymaking seems to have declined. This became particularly noticeable in March when the PBoC was subordinated to the Central Financial Commission. https://t.co/Po9uKyMuhL via @ft
An unprecedented threat - the alliance between Russia and China threatens to undermine the current status of the United States After the collapse of the USSR, US military power was not questioned for several decades. However, by 2023 the situation has changed, states Business… https://t.co/5wl9shQ5l5
"Some powers formerly held by the #PBoC have been taken over by a party oversight body & revamped financial regulator as Beijing resets its growth model...The PBoC governor is now ranked lower in party hierarchy than chiefs of banks PBoC used to regulate" https://t.co/DbrppWQ3dI
The problem is, the PBOC has been part of the problem. Lax regulation and so many financial scandals under its watch, it can’t come as a huge surprise the PBOC is losing some clout. China sidelines its once venerated central bank via @FT https://t.co/WDiLUBFv7J