Hidden money creation is impacting policy, PBoC economist warns


Unconventional forms of money creation in China are skewing statistics and hampering policy implementation, research published by the Bank for International Settlements finds.

Guofeng Sun uses the phrase “banks’ shadow” to differentiate money creation that doesn’t rely on conventional lending from “shadow banking” more broadly. The head of the People’s Bank of China’s Research Institute seeks to identify different kinds of shadow money and generate more accurate figures on money creation.


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