Reporting from Beijing— China may be the world’s second-largest economy, but its financial system still answers to strict state controls that critics say hold back the country’s development. The free market plays little role in determining how China’s currency is valued, how banks set interest rates or how much capital is allowed to flow in and out of the country. But in the last two weeks, a series of moves has raised hopes that financial freedoms could be expanding in the so-called birdcage economy. Read more…
