Bank of Finland paper assesses China’s two-track system

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A Bank of Finland paper, published on Friday, explains the reasoning behind China's two-track interest rate system in setting monetary policy.

Dong He and Honglin Wang, the paper's authors, develop and calibrate a theoretical model to illustrate the conduct of monetary policy in China within the framework of dual-track interest rates and a juxtaposition of price- and quantity-based policy instruments.

The authors note that the People's Bank of China has a dual-track interest-rate system: bank

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