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

joseph-yam-pboc

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 re

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