PBoC’s monetary policy framework not likely to change – RBA research


China’s central bank looks unlikely to alter its monetary policy operating framework to be in line with international peers, given the country’s internal configuration, research says.

In a paper published by the Reserve Bank of Australia on December 6, authors Bradley Jones and Joel Bowman explain that while some aspects of monetary policy in China are beginning to resemble those in advanced economies, “convergence is neither likely nor even desired”.

The People’s Bank of China’s “high-level

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