Audio Content: Business and Trade

Hosted by David Dollar, with guest Mark Sobel

First aired on November 11, 2019.

In this episode of "Dollar and Sense," David Dollar talks about currency manipulation and currency policy with Mark Sobel, the U.S. chairman of the Official Monetary and Financial Institutions Forum. In particular, Dollar and Sobel discuss China's exchange rate policy in depth.

Sobel has had a long and fruitful career working in questions of currency manipulation, and shares some of the insights gained from his experience, noting just how far that dialogue with China has come in recent decades.

One takeaway from the discussion: his defense of the People's Bank of China (the Chinese central bank) as an institution that has long been supportive of an open and global role for China and its currency serves as a reminder that no government or group is a monolithic entity. Good-intentioned people will do the best they can with the resources they have and the space in which they have to operate.