First published: Financial Times 16/05/2011
Good suspense drama is when an unlikely character emerges slowly as the principal hero or villain. There is a compelling analogy in financial markets.
Everyone is focused on the capital market and real resource implications of the great economic convergence between the east and west, but the markets tend to pay attention largely to the actions and intentions of the Federal Reserve and, periodically, the European Central Bank. Meanwhile, the People’s Bank of China (PBoC) is emerging as an increasingly important player. It matters more than is widely recognised……more