The Importance of Having a Voice in Asset Prices

I think the Asian crisis of 1997, 98 was one of two big pivot points. Most Asian countries decided that it's much easier to manage your currency if you're running a current account surplus and you're resisting appreciation. And I want to say central banking hasn't worked either. If the Yuan had been allowed to appreciate then and China hadn't built up an a huge war chest of reserves at the time, we'd be in a little bit different world today.