China's policy transmission increasingly similar to advanced economies – BIS paper


Monetary policy surprises have “sizeable” effects on interest rates in China, suggesting channels of monetary transmission that are increasingly similar to advanced economies, finds a Bank for International Settlements working paper.

As China has sought to transform itself into a market economy, monetary policy shocks have become more influential on interest rates, even though the People’s Bank of China uses multiple instruments to conduct monetary policy, note the authors, Güneş Kamber and

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