In economics, it’s not policy alone that counts – what you say, and how you say it, matters. Beijing is discovering that, says Bloomberg Opinion’s Daniel Moss.
People's Bank of China Governor Pan Gongsheng leaves after a press conference in Beijing, China , Sep 24, 2024. is almost a household name. Christine Lagarde, head of the European Central Bank, possesses an undeniable star power. The man who runs China ’s central bank struggles to achieve even a small measure of that fame, despite the heft of the country – and the extent of the challenges confronting him. That’s changing.
Powell agreed: He now holds forth after every Federal Open Market Committee meeting. His spin on the statement is at least as significant as whether rates are raised, trimmed or kept unchanged. The word “bazooka” has been bandied around to describe the initiatives. While they are certainly noteworthy, it remains seen whether they alter the underlying course of the economy, which was in a long-term slowdown well before the COVID-19 pandemic.
Pan was considered a hawk at the time of his appointment. He’s done nothing to justify that early branding.
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