China’s central bank chief Zhou Xiaochuan had been incognito for months until Sunday, when his words appeared in a lengthy written interview, seemingly to assuage fears over China’s currency.

The country’s new trade-weighted currency reference basket is, he said, essentially a work in progress whose future design "will be adjusted." He acknowledged there is “no consensus” on what exactly the basket should be. The bank’s aim then is to maintain the yuan at an “equilibrium level.” Too bad that “although the equilibrium level defies an accurate assessment, a broadly stable exchange rate level can only be achieved when it is around the equilibrium level.” That should keep investors guessing. It seems hard to achieve what you can’t define.

Moving on to other subjects, the long-serving policymaker spoke of a future digital currency that could be issued by the central bank. He was notably fluent about the trade-offs between public and private digital currencies. "If a digital currency wants to emphasize privacy protection, block chain technology is a good choice," he said. It was enough to make a Bitcoin enthusiast blush. Anyone trying to figure out China’s real-world currency policy, however, is still left guessing.