In Morgan Stanley’s Global Economic Forum, Stephen Roach has written:

Because of its currency peg, China does not have an independent central bank. Having elected to fix the renminbi to the dollar, the People’s Bank of China has all but abdicated control over its emerging financial system to America’s Federal Reserve. As the Fed now moves into the serious stage of its tightening cycle, that could pose a serious problem for an unbalanced Chinese economy. China may be preparing for precisely this possibility.

Thanks to Jimmy Goodrich for sending in this link.