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Mark Sobel discusses an excerpt from a piece co-authored with Setser and Brooks, highlighting the importance of exchange rates in China’s economic model. Sobel argues that it is difficult to imagine that exchange rates are not significant, even if they are only part of the country’s broader approach to economic growth.
Sobel has previously discussed China's reliance on an undervalued currency and high savings for economic growth. He has also commented on warnings that the U.S. Treasury market is facing ongoing concerns. These views add context to his recent remarks on exchange rates in China’s economic model.