ANNUAL REPORT

81
55. Gabriel Wildau and Don Weinland, “China Debt Load Reaches Record High as
Risk to Economy Mounts,” Financial Times, April 24, 2016.
56. Bank for International Settlements, “Credit to the Non-Financial Sector,” September
18, 2016.
57. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 32.
58. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 33; Sean Miner, “Corporate Debt in
China: Above Cruising Altitude,” China Economic Watch (Peterson Institute for International
Economics blog), November 3, 2015.
59. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 32; Sean Miner, “Corporate Debt in
China: Above Cruising Altitude,” China Economic Watch (Peterson Institute for International
Economics blog), November 3, 2015.
60. Bank for International Settlements, “Credit to the Non-Financial Sector,” September
18, 2016; David Lipton, “Rebalancing China: International Lessons in Corporate
Debt,” International Monetary Fund, June 11, 2016; and Patti Waldmeir, “China
Bank Governor Warns over Corporate Debt,” Financial Times, March 20, 2016.
61. Economist, “Deleveraging Delayed,” October 24, 2015; U.S.-China Economic
and Security Review Commission, Hearing on China’s 13th Five-Year Plan, written
testimony of Eswar S. Prasad, April 27, 2016.
62. Reuters, “UPDATE 1-China Banks’ NPLs Exceed $299 Billion at End May,
NPL Ratio Tops 2 Pct–Regulator,” July 7, 2016.
63. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 33–34.
64. Michael Pettis, Professor of Finance, Peking University, meeting with Commission,
Beijing, China, June 24, 2016
65. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 17.
66. International Monetary Fund, “The People’s Republic of China: 2016 Article
IV Consultation: Selected Issues,” August 2016, 17–18.
67. Gabriel Wildau, “China Capital Outflows Persist Despite FX Reserves Rebound,”
Financial Times, May 9, 2016.
68. Lingling Wei, “China Challenged to Keep Yuan Stable as Dollar Rises,” Wall
Street Journal, May 16, 2016.
69. U.S.-China Economic and Security Review Commission, Hearing on China’s
13th Five-Year Plan, written testimony of Eswar S. Prasad, April 27, 2016.
70. U.S.-China Economic and Security Review Commission, Hearing on China’s
13th Five-Year Plan, written testimony of Eswar S. Prasad, April 27, 2016.
71. Brad Setser, “China’s Asymmetric Basket Peg,” Follow the Money (Council on
Foreign Relations blog), July 5, 2016; Lingling Wei, “A Rare Look inside China’s Central
Bank Shows Slackening Resolve to Revamp Yuan,” Wall Street Journal, May 23,
2016; and Carolyn Cui and James Ramage, “China Could Garner Flexibility from
Currency Basket,” Wall Street Journal, December 11, 2015.
72. International Monetary Fund, “IMF’s Executive Board Completes Review of
SDR Basket, Includes Chinese Renminbi,” November 30, 2015.
73. Kevin Yao, “China Yuan’s Entry into IMF Basket Will Usher in Deeper Reforms,”
Reuters, December 4, 2015.
74. U.S.-China Economic and Security Review Commission, Hearing on China’s
13th Five-Year Plan, written testimony of Eswar S. Prasad, April 27, 2016.
75. Gabriel Wildau and Tom Mitchell, “China Spent $470bn to Maintain Confidence
in Renminbi,” Financial Times, June 13, 2016.
76. International Monetary Fund, “Review of the Special Drawing Right (SDR)
Currency Basket,” April 6, 2016.
77. Keith Bradsher, “China’s Renminbi Is Approved by I.M.F. as a Main World
Currency,” New York Times, November 30, 2015; Krista Hughes, “IMF Gives China’s
Currency Prized Reserve Asset Status,” Reuters, November 30, 2015.
78. Scott Kennedy, “The RMB Joins the SDR: Historic Inch-Stone in Global Financial
System,” Center for Strategic and International Studies, November 30, 2015.
79. International Monetary Fund, “IMF’s Executive Board Completes Review of
SDR Basket, Includes Chinese Renminbi,” November 30, 2015.
80. Ian Talley, “China Joins World’s Elite Currency Club,” Wall Street Journal,
November 30, 2015.
81. Ian Talley, “China Joins World’s Elite Currency Club,” Wall Street Journal,
November 30, 2015.
82. Ian Talley and Lingling Wei, “IMF Move to Give Yuan Reserve Status Likely
to Boost China Assets,” Wall Street Journal, November 15, 2015.