Not surprisingly,  BIS Review 8/2008  5  therefore, exchange rate policy is also one of the key aspects of the current debate about the pros and cons of an economic government. The governance framework of the euro area as regards exchange rate policy is specified in Article 111 of the Treaty.
The Chinese authorities have many levers to support growth and financial stability, given the ongoing large role of the state in the economy, the heavily regulated financial system and the presence of capital account controls.