Reforms In China S Monetary Policy
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China S Exchange Rate System Reform
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Author : Paul Sau-Leung Yip
language : en
Publisher: World Scientific
Release Date : 2011
China S Exchange Rate System Reform written by Paul Sau-Leung Yip and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
The author of this book is the original proponent of China''s exchange rate system reform announced in 2005. This book discusses: The transitional, medium-term and long-term designs of the reform; China''s achievements and mistakes on the reform; China''s banking reform and its lessons to other emerging economies; Maintaining a certain trade surplus as a dynamically optimal choice for China; China''s stock market bubble and the gradual bubble squeezing strategy; China''s property inflation and its solution; China''s fiscal and monetary policies during and after the global financial tsunami; Risk of global asset inflation, CPI inflation and cycle of exchange rate after the financial tsunami; Likelihood of an asset bubble and then a crisis in economies outside the US during the overheated phase of the recovery. Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of OC macroeconomic policy managementOCO as a new and important discipline in economics. While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful."
Reforms In China S Monetary Policy
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Author : Sun Guofeng
language : en
Publisher: Springer
Release Date : 2016-04-29
Reforms In China S Monetary Policy written by Sun Guofeng and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-29 with Business & Economics categories.
China's financial reforms have undergone a large-scale transformation over the past several years. This book aims to outline the structure and current features of China's monetary policy, drawing upon the author's years of experience working within the People's Bank of China and insider's view of the decision-making process.
Reforms In China S Monetary Policy
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Author : Sun Guofeng
language : en
Publisher: Palgrave Macmillan
Release Date : 2014-01-14
Reforms In China S Monetary Policy written by Sun Guofeng and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-14 with Science categories.
China's financial reforms have undergone a large-scale transformation over the past several years. This book aims to outline the structure and current features of China's monetary policy, drawing upon the author's years of experience working within the People's Bank of China and insider's view of the decision-making process.
Market Based Interest Rate Reform In China
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Author : China Finance 40 Forum Research Group
language : en
Publisher: Routledge
Release Date : 2018-12-07
Market Based Interest Rate Reform In China written by China Finance 40 Forum Research Group and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-07 with Business & Economics categories.
The market-based interest rate reform remains a core part of China’s financial reforms, and an important topic of both theoretical and policy studies. This book presents a comprehensive analysis of the process and logic of China’s interest rate reform from a historical perspective. It is structured along three lines, i.e. loosening interest rate controls, establishing market-based interest rates, and building an effective interest rate adjustment mechanism, and systematically reviews the characteristics and evolvement of the reform process. The book further explores the lessons and challenges of the reform by examining China’s development stage and auxiliary reforms needed, and offers policy recommendations on how to further push forward the reform.
Monetary And Exchange System Reforms In China
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Author : Mr.Bernard Laurens
language : en
Publisher: International Monetary Fund
Release Date : 1996-09-26
Monetary And Exchange System Reforms In China written by Mr.Bernard Laurens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-09-26 with Business & Economics categories.
In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.
Keep Reforming China S Strategic Economic Transformation
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Author : Zhong Xu
language : en
Publisher: Springer Nature
Release Date : 2020-10-21
Keep Reforming China S Strategic Economic Transformation written by Zhong Xu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-21 with Business & Economics categories.
This book is about China’s economy transformation. Currently, China’s macro-leverage ratio has been effectively controlled, the central market interest rate (one year fixed interest rate) has gone down, and liquidity is now relatively abundant. However, financial institutions are generally reluctant to lend, the local governments are unwilling to act, and the fact that liquidity released by the central bank cannot be effectively transmitted to the real economy is leading to a contraction of credit and higher financing costs for private enterprises. Meanwhile, the downturn in the internal economic cycle has been exacerbated by the external shocks caused by frictions in Sino-US trade, and this set of circumstances has contributed to the polarization of expectations regarding China's real economic prospects and policy trends, as seen, for example, in the questions and discussions about policy trends relevant to the private economy. Indeed, one might claim that the current confusion of expectations even exceeds that of 2008, when the international financial crisis breaks out. From a dialectical perspective, the more pessimistic expectation of economic trend, the easier it is to build consensus on reform, and the more remarkable actual effects of reform, which must be based on a comprehensive understanding of the phased characteristics of China’s economic development. In this book, based on the experience working in central bank of China, the author argues that China’s policy should focus on internal demand. In the coming period, China needs to persevere in the market orientation, step up reform and opening up, and create a favorable business environment. This book represents the following opinions: First, to reach a common understanding of the medium and high economic growth, and avoid the dream of high growth. Second, to stick to supply-side structural reform, accelerate economic transformation and structural adjustment, and further unleash the reform dividends and growth potential. The long-term and structural problems cannot be attributed to short-term and cyclical problems. Third, the challenges of external shocks could be also regarded as opportunities, which include but not limited to accelerate reform to improve property rights protection, state-owned capital management, corporate governance, income distribution, and social security. Fourth, whenever the trade friction happens, a multilateral framework is always helpful.
China S Monetary Policy And Interest Rate Liberalization
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Author : Wei Liao
language : en
Publisher: International Monetary Fund
Release Date : 2014-05-01
China S Monetary Policy And Interest Rate Liberalization written by Wei Liao and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-01 with Business & Economics categories.
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
Banking Reforms And Monetary Policy In The People S Republic Of China
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Author : Y. Guo
language : en
Publisher: Springer
Release Date : 2002-09-06
Banking Reforms And Monetary Policy In The People S Republic Of China written by Y. Guo and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-09-06 with Business & Economics categories.
From 1993-1995 the People's Republic of China undertook a series of reforms designed to modernise their banking and financial systems, the process of financial intermediation and to implement a sound and credible monetary policy in China. They based these reforms on the Federal Reserve System in the USA. This book analyses these reforms and assesses the effectiveness of the monetary policy that was put in place and shows whether it can withstand China's accession to the WTO.
Reforms In China S Monetary Policy
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Author : Sun Guofeng
language : en
Publisher: Palgrave Macmillan
Release Date : 2015-08-13
Reforms In China S Monetary Policy written by Sun Guofeng and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-13 with Business & Economics categories.
China's financial reforms have undergone a large-scale transformation over the past several years. This book aims to outline the structure and current features of China's monetary policy, drawing upon the author's years of experience working within the People's Bank of China and insider's view of the decision-making process.
China S Monetary Policy Communication Frameworks Impact And Recommendations
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Author : Michael McMahon
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-16
China S Monetary Policy Communication Frameworks Impact And Recommendations written by Michael McMahon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-16 with Business & Economics categories.
Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.