China has a dual-track interest-rate system: bank deposit and lending rates are regulated
while money and bond rates are market-determined. The central bank also imposes an …

This paper tests whether the communication of the People's Bank of China affects market
expectations and matters as a monetary policy tool. For that purpose, we first rely on a …

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 …

This paper examines the daily responses of market interest rates to three monetary policy
announcements in China using the event-study approach. I find that the interest rate …

This paper models the PBC's operating procedures in a two-stage vector autoregression
framework. We decompose changes in policy variables into exogenous and endogenous …

China's monetary policy framework has evolved considerably over the years. However,
official descriptions provide limited detail and it generally remains less well understood than …

This paper aims to enhance the understanding of China's monetary policy rule since the mid-
1990s, focusing on the role of inflation. It investigates the rule followed by the People's Bank …

Our paper attempts to enhance the understanding of China's monetary policy rule, which
may help explain the country's remarkable inflation performance over the past decade, in …

Prior to the Global Financial Crisis (GFC), China had built up strong external economic and
financial ties after three decades of economic reform. Its massive Gross Domestic Product …

China has a dual-track interest-rate system: bank deposit and lending rates are regulated
while money and bond rates are market-determined. The central bank also imposes an …