China should work on reforms that promote sustainable economic growth rather than push prestige projects such as the internationalisation of its currency or the Asian Infrastructure Investment Bank, Ben Bernanke said on Tuesday.
Freed only last year from the constraints of cautious central banker-speak, the former chairman of the Federal Reserve did not mince his words as he spoke to a lunchtime gathering in Hong Kong.
“This is a matter of national prestige and I understand that, but the economic benefits really are dwarfed by the benefits of the strengthening of the Chinese economy,” he said of the renminbi's growing global...
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