The big battle behind China’s recent turmoil

WASHINGTON, DC: One way to think about the recent financial turmoil in China is as a parenting dispute between “Xi Dada” and “Yang Ma” -- meaning “Big Daddy Xi” (the nickname for President Xi Jinping) and “Big Mama” (a popular moniker for the People’s Bank of China).

Dada and Ma are the two centers of power, political and economic, in a China that is coping with a painful new period of slower economic growth. They work in surprising harmony most of the time, but you could see the strain this summer as China struggled with a stock-market free fall, and then, this past week, a sudden currency devaluation.