Documents from the US Federal Reserve acquired by news agency Reuters through a Freedom of Information Act request reveal that the People’s Bank of China reached out to the US central bank amid the implosion of mainland equity prices in July to ask for help. An email to a senior Fed staffer, the PBOC chief representative for the Americas pointed to the Fed’s handling of the 1987 US stock market crash, noting “my Governor would like to draw from your good experience.” The email reply included a short summary of the Fed’s measures in 1987 and dozens of Fed transcripts, reports and statements–all of which were publicly available.
China Economic Review