PBOC chief opens up on economy

THIS year's market panic was caused in part by concern over China's central bank allowing a sharp depreciation of the Chinese yuan as China's economy slows. Capital outflows accelerated and foreign reserves fell by hundreds of billions of dollars.

In a rare interview published last weekend before markets opened, the governor of China's central bank, Zhou Xiaochuan of the People's Bank of China, talked to China financial magazine Caixin about China's economy, exchange rate strategy, macro-prudential policy and digital currencies.

His words had a calming effect on markets and led to a rally in the beginning of the week.

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