This book highlights the difficult policy choice that must ultimately be made during China's structural reform according to the theory of the Impossible Trinity, between exchange rate and monetary policy autonomy.

1. Impossible Trinity in China
2. Opening a Can of Worms
3. Betting on the Role of the State
4. Incentive Problem Standing in the Way
5. Power Struggle or Genuine Reform
6. From Financial Repression to Liberalisation
7. Monetary Policy Reform Fraught with Risks
8. Systemic Risk (I): Shadow Banks and Local Debt
9. Systemic Risk (II): Property Market Bubble
10 . China ' 's Future Monetary Policy

Chi Lo is a senior economist with a multi-national bank based in Hong Kong. He was enlisted as a member of the International Who's Who Professionals in 2000 and 2011. He has extensive international research experience in economics, financial markets and public policy and standards development, covering North American and Asian economies. His other major appointments include Greater China Research Director at HSBC, Chief Economist (Northeast Asia) at Standard Chartered Bank in Hong Kong and Economic Advisor at the federal deposit insurance agency under the Canadian Government Department of Finance in Ottawa, Canada. He had also worked at blue chip investment banks and regulatory bodies in Canada, the UK and Asia.