Chinese monetary policy now more in line with G3 central banks – BIS paper
“Liberalisation and transformation” of the Chinese economy has led to changes in the PBoC’s policy approach
China’s economy has undergone a dramatic transformation in recent decades, and the People’s Bank of China’s (PBoC) approach to monetary policy appears to have shifted with it, according to a working paper published by the Bank for International Settlements on June 1.
Authors Eric Girardin, Sandrine Lunven and Guonan Ma construct a monthly index of monetary policy, combining price, quantity and administrative instruments deployed by the PBoC. By including the magnitude of policy changes, the
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