William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."
Opinion
What the Fed can learn from the People's Bank of China
Beijing is returning to monetary sobriety faster than Washington
The headquarters of the People's Bank Of China, pictured on May 4: unlike the Fed, the PBOC is anything but independent. © FeatureChina/AP
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