China’s road to reform

ZHOU XIAO CHUAN is in a relaxed mood. The governor of the People’s Bank of China is sitting in his Washington, DC, hotel suite during the IMF/World Bank meetings sipping a beer. Maybe Zhou is at ease because the gathering is closing and he is looking forward to returning to Beijing. Or maybe it’s because for the first time in a long while at an IMF meeting the biggest industrialized countries haven’t criticized China’s exchange rate policy, which Zhou oversees.