In its World Economic Outlook, the International Monetary Fund says only a new Chinese monetary policy can guarantee a global economic recovery
This is a characterization (dated April 22) of the IMF’s semi-annual World Economic Outlook, which was released last week. The April report is available at this link.
So I started reading the report (so you don’t have to)… Page 18 of Chapter 1 has the following:
In economies with excessive current account surpluses and solid public finances, fiscal exit can wait while excess demand pressures are being addressed by reining in credit growth and allowing exchange rate appreciation. This is essential for China, given its large role in the global market.
That’s not as strong, but I’m only in Chapter 1. Heh.