The Fund staff is an enormously talented group of men and women. We have to ensure that they undertake the research and analysis needed to understand the changing nature of global linkages. But understanding these linkages is not enough. We need a forum where risks are debated openly, frankly, and comprehensively by national policy-makers.
But of course we cannot know how much further this re-assessment of risk may have to run, nor how disruptive it could turn out to be for the Chinese financial system and the economy. It is clear that the Chinese authorities are across the issue, and in all likelihood they have the ability and resources to manage the situation.