China's intellectual input important

In two essays posted recently on the website of the People's Bank of China, PBOC Governor Zhou Xiaochuan has made an important contribution to the international effort to address the global financial crisis.

Some international commentators have focused exclusively on aspects of his essays, such as the idea of creating "a new reserve currency" over the long run.

This narrow reporting misread Zhou's key messages and under-appreciated his and other Chinese experts' intellectual contributions to coping with the most severe crisis since the Great Depression.