Sander Tordoir @sandertordoir.bsky.social · 11/08/2026Bang on here: “In the short run, the exchange rate is also a policy lever in its own right. If it were not, the imf would not have long made currency devaluation a standard part of its structural-adjustment conditionality” 2/ 180 0
Sander Tordoir @sandertordoir.bsky.social · 11/08/2026Given that the IMF forecast away Chinas surplus year after year - and got mugged by reality - it’s a good reminder for the Fund to take some basic lessons from its adjustment programmes for its multilateral surveillance. 3/ 190 0
Sander Tordoir @sandertordoir.bsky.social · 11/08/2026I also agree that the advice to let China do all the adjustment via slow internal rebalancing lets Beijing off the hook too easily. A good line: “The yuan is part of the policy architecture that shapes global imbalances, not a decorative outcome that sits outside it.” 4/ 1120 0
