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PBoC’s new policy tool may have little impact, analysts say
Adding new open market operations does not mean major change to policy framework, say economists
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The People’s Bank of China (PBoC) last week expanded its monetary toolkit in an effort to strengthen its day-to-day management of market interest rates. However, analysts say that although this could help smooth volatility in short-term rates, it does not imply a major change to the country’s monetary policy framework.
On July 8, the PBoC announced it would start conducting overnight repurchase (repo) agreements or reverse repo operations on a temporary basis during weekday afternoons, as
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