Charting a different course

摘要

"The United States has been a model for China," says Yu Yongding, a prominent economist in Beijing. "Now that it has created such a big mess, of course we have to think twice."rnThe future of global finance depends on what kind of rethinking takes place in Beijing and the rest of the emerging world. So far the signals have been mixed, even within the same country. In India, for instance, the central bank-long a reluctant liberaliser-recently changed its mind about allowing credit-default swaps, arguing that the subprime crisis showed the time was not "opportune" for such innovations. But at the end of August India launched exchange-traded currency derivatives, giving people a means to hedge against fluctuations in the rupee.