International finance, monetary policy, and global economic governance by Mark Sobel
Mark Sobel: PBOC paper downplays RMB undervaluation in China surplus debate
The People's Bank of China (PBOC) has released a paper outlining its perspective on the renminbi (RMB), indicating that undervaluation is not a major contributor to China's large trade surpluses. ...
IMF and World Bank Bangkok meetings will focus on global outlook, Mark Sobel discusses
Mark Sobel shares his perspective on the upcoming IMF and World Bank Annual Meetings in Bangkok, highlighting concerns about the global outlook and key operational and programmatic issues facing ...
Mark Sobel: Administration urged to push for faster RMB appreciation
Mark Sobel highlights that appreciation of the RMB alone may not fully resolve the issue of excessive Chinese exports. He suggests that while RMB appreciation would help, the Administration ...
Discussion on U.S. monetary policy and September FOMC event, Mark Sobel notes
Mark Sobel will host Bill Dudley for a discussion on U.S. monetary policy, the September FOMC meeting, and five task forces during a joint OMFIF and Bretton Woods Committee event on Friday, ...
Mark Sobel: Kevin Warsh at Jackson Hole focuses on economic data and U.S. Treasury challenges
Mark Sobel shares his perspective on Kevin Warsh's appearance at Jackson Hole, highlighting Warsh's engagement with economic data and the ongoing debate around forward guidance and reaction ...
Jamie Franco offers perspective on Scott Bessent and U.S. Treasury buybacks, Mark Sobel notes
Mark Sobel highlights a contribution from Jamie Franco, a friend and ex-Treasury colleague with debt management expertise, regarding Scott Bessent and U.S. Treasury buybacks. Franco provides ...
Mark Sobel: G3 and G7 FX interventions aim to counter disorderly markets
Mark Sobel emphasizes that the primary goal of G3 and G7 floating currency foreign exchange interventions by official entities is to counteract disorderly markets. He adds that these ...
ESF has dollars available for yen intervention, Mark Sobel notes
Mark Sobel addresses the ongoing debate regarding the U.S. Treasury's intervention in the yen market. He disputes claims that the Exchange Stabilization Fund (ESF) has exhausted its capacity, ...
Mark Sobel: China should allow faster RMB appreciation to address global distortions
Mark Sobel argues that China needs to reform its growth model and acknowledges concerns about its trade practices and currency policy. He highlights that the RMB is undervalued and managed by ...
Japanese FX intervention seen as futile, Mark Sobel argues
Mark Sobel compares Japanese foreign exchange intervention to 'spitting in the wind,' characterizing recent efforts as largely cosmetic. He adds that such intervention cannot hide the deeper ...
Mark Sobel: Rethinking growth policy could lift RMB and address surplus
Mark Sobel discusses the relationship between China's current account surplus, its growth model, and macroeconomic policy. He suggests that both he and Gita believe the large surplus is linked ...
China not labeled currency manipulator in FX report, Mark Sobel notes
Mark Sobel comments that the U.S. Treasury has released its latest foreign exchange report and has not labeled China a currency manipulator. According to Sobel, the Treasury has made the correct ...
Mark Sobel: Virtual panel to discuss U.S. and global bond yields
Mark Sobel is hosting a virtual discussion on Monday, July 27, at 10 a.m. in New York and 3 p.m. in London, focusing on whether U.S. and global bond yields are and will move structurally higher. ...
Exchange rates influence China growth strategy, Mark Sobel notes
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 ...
Mark Sobel: Hosting WTO economic counsellor Marc Auboin for finance discussion July 1
Mark Sobel is set to host Marc Auboin, the World Trade Organization's counsellor for economic research and statistics. The discussion will address relations with the IMF and IBRD as well as trade ...
U.S. Treasury market faces uncertainty, Mark Sobel notes
Mark Sobel highlights commentary from Karl Schamotta, Chief Market Strategist at Corpay Currency Research, who describes the U.S. Treasury market as "living on borrowed time". Sobel expresses ...
Mark Sobel: U.S. fiscal reforms vital regardless of China and Europe actions
Mark Sobel cautions that while international cooperation is preferable, the U.S. must prioritize getting its fiscal house in order regardless of actions taken by China and Europe. He also ...
Chinese growth relies on undervalued currency and high savings, Mark Sobel notes
Mark Sobel raises the question of whether both prevailing views on China's economic strategy can be correct. He argues that the undervaluation of Chinese currency is a fundamental part of China's ...
Mark Sobel: U.S. should address current account deficit and fiscal policy
Mark Sobel questions current U.S. economic and trade policies. He states the U.S. needs to address its current account deficit by improving its own fiscal situation, instead of focusing on ...
Yen seen as undesirably weak due to policy stance, Mark Sobel notes
Mark Sobel argues that the Japanese yen's current weakness is primarily driven by an overly accommodative monetary policy. Sobel adds that market concerns about Japan's fiscal policy are also ...
Mark Sobel: Market disorder not the key issue, fiscal and monetary concerns persist
Mark Sobel, industry influencer, questions the rationale behind the Ministry of Finance's market interventions, suggesting that the core issue is not disorderly markets. Sobel points to growing ...
