The People's Bank of China's Internet Finance Dilemma

Abstract

There never seems to be a reprieve for China's central bank, the People's Bank of China (PBoC). First were decade-long allegations that the bank was behind Beijing's strategy of undervaluing its currency, the renminbi, to gain unfair trade advantage. As the renminbi steadily increased in real value in the last five years and even gained an official membership of the International Monetary Fund's basket of reserve currencies in 2015, however, the PBoC became embroiled in another battle against