First, net asset purchases remain necessary for now to validate the stimulus that is already priced into key indices of financial conditions and on which the inflation path depends. Thereafter, when progress towards a sustained adjustment in the path of inflation is judged to be sufficient, net purchases will come to an end.
The much needed patience I spoke of earlier paid off handsomely for China in October 2016. The renminbi was officially added to the International Monetary Fund's (IMF) basket for special drawing rights (SDR). Since then, it has occupied a place in this select group of currencies alongside the US dollar, the euro, the Japanese yen and the pound sterling.