China's ability to put policy tools to work, quickly and decisively, has become overwhelmingly clear over the past two years, evidenced by its use of fiscal stimulus to avert the worst of the global downturn. Now it's time to cool off.
Speaking at the Asian Financial Forum in Hong Kong yesterday, Nouriel Roubini, economics professor at NYU's Stern School of Business and the founder of RGE Monitor, said China has done a good job using its policy arsenal to stimulate the economy and that the central bank's recent tightening measures -- a slight increase of borrowing costs in the interbank market and an increase of the reserve requirement for banks -- were necessary...
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