China:Strengthening monetary policy implementation

Central Banking staff
26 Jan 2007

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According to this IMF Working Paper, published January 2007, the People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases.

Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. The authors advocate adoption of an eclectic strategy involving the monitoring of several indicators, and

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