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ShareMichael Pettis, a professor at Peking University's Guanghua School of Management and a specialist in Chinese financial markets, is the author of, among other books, The Volatility Machine: Emerging Economies and the Threat of Financial Collapse (Oxford University Press, 2001). In a telephone interview from Beijing to DNA Money's Venkatesan Vembu, Pettis explains the risks that rising hot money inflows and an excessively loose monetary policy pose to China's financial system and the management of its macroeconomy. Excerpts:
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