China

Framework for independent monetary policy in China

According to this IMF Working Paper, published 15 May, as China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives…

Comment: The commodity boom revisited

A recent research note by Morgan Stanley chief economist, Stephen Roach, provides some interesting numbers on the extent and historical significance of the current commodity boom.

Economist says yuan should be allowed to rise 5%

China has to speed up the pace of yuan appreciation to 5 percent for this year and ease its huge foreign exchange surplus if it wants to keep domestic bank lending under control, government researcher Zhu Baoliang told reporters on Monday 15 May.

Chinese economists want increased gold reserves

Some Chinese economists are urging the government to increase its gold reserves to 2,500 tons from the current 600 tons because the country's foreign exchange reserves had become the world's largest, an official industry newspaper reported this week.

Comment: US Treasury diplomacy

In what has been billed as a key moment in American economic diplomacy, the US Treasury this week resisted temptation and political pressure by deciding not to formally accuse China of currency manipulation.

China's yuan progress 'far too little'

The US government on Wednesday 10 May did not accuse China of manipulating the value of its currency, but said Beijing had made "far too little progress" in adopting a flexible exchange rate.

Why economists worry about foreign reserves

According to the article "Why economists worry about who holds foreign currency reserves" published Tuesday 9 May, the idea that China or some other American rival could someday use its vast holdings of U.S. debt as a geopolitical weapon is gaining…

PBOC trying to cool overheating sectors

The People's Bank of China is seeking to cool overheating economic sectors such as real estate as well as cut its huge foreign exchange reserves, a senior Chinese government official said.

Philippines, Japan sign currency swap

The Philippine central bank and the Bank of Japan have signed a currency swap arrangement letting both countries draw from each other's foreign reserves for any "immediate need".

China needs more Volcker and less Greenspan

According to this article published Monday 1 May, China's recent increase in interest rates may have the opposite effect to what was intended. The move may boost the economy, instead of slowing it, it says.

Interview with IMF's Wanda Tseng

Wanda Tseng, deputy director at the IMF's Asia and Pacific department, said on Tuesday 2 May that China's decision to raise interest rates for the first time in 18 months is welcome but the country needs to let its currency move more freely.

China's economy 'overheating a little bit'

People's Bank of China governor Zhou Xiaochuan said on Friday 28 April that the increase in the official Chinese benchmark lending rate is intended to rein in growth as the economy is "overheating a little bit".

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