2013年年初，当资本账户自由化开展得如火如荼时，我写道 ， “ 中国既然弄体系太脆弱，经不起外部冲击，而全球经济仍陷在一片混乱之中，在这样的情况下，中国人民银行下注于其迅速实现资本账户自由化的能力来建立更健康、更稳健的金融体系是不明智的。
In early 2013, when capital-account liberalization was in full swing, I wrote that, “with China’s financial system too fragile to withstand external shocks, and the global economy mired in turmoil, the PBOC would be unwise to gamble on the ability of rapid capital-account liberalization to generate a healthier and more robust financial system.”