Logan Wright is the Director of China Research for Medley Global Advisors, a New York-based policy intelligence firm serving an extensive global client base in the financial industry. He was previously the China analyst for Stone & McCarthy Research Associates in Beijing, and has lived and worked in Beijing for over a decade. His research has covered China‘s influence on global fixed income and currency markets, Chineseexchange rate policy, the measurement and management of China‘s foreign assets, andChinese macroeconomic data. Dr. Wright closely monitors the domestic politics and market activities of the People’s Bank of China (PBOC), including the central bank’s activity in the Chinese interbank money markets and the impact of this activity on theChinese banking system. He holds a Ph.D. from the George Washington University, which focused on the political factors shaping the reform of China‘s exchange rate regime. He also holds an M.A. in Security Studies and a B.S. in Foreign Service from Georgetown University.
The growth of assets within China‘s financial system has been unprecedented in global and historical terms, particularly since the global financial crisis. Contrary to conventional wisdom, Chinese authorities have very limited control over the system at present, while a large but undeclared buildup of non-performing assets within the banking system has been the critical factor driving the slowdown of the Chinese economy in recent years. Delivering on the commitment to reform such a fragile system will entail significant economic and political costs, which increases the probability that promises of financial reform will remain unfulfilled.