Former HKMA chief Yam calls on PBoC to shift to policy rate


The People's Bank of China (PBoC), the Chinese central bank, should scrap its money supply target and replace it with a monetary policy target interest rate, according to the former head of the Hong Kong Monetary Authority (HKMA), Joseph Yam.

Yam, currently a professor in the Chinese University of Hong Kong's Institute of Global Economics and Finance, and a member of Central Banking Publications' advisory board, spent 16 years at the head of the HKMA – from its establishment in 1993 until his

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