The China Monetary Policy Handbook

Jonathan Anderson (UBS)


Abstract：
The monetary policy plays a critical role in the Chinese economy. This report takes a detailed and fundamental look at each of the following questions:
(i) How does policy work?
(ii) Which variables does the People’s Bank of China (PBC) target?
(iii) Does it have market-based tools?
(iv) Does it have effective control of interest rates and liquidity?
(v) Can it really influence growth and inflation? Or is the economy ‘‘beyond control,’’chronically lurching into overheating, asset bubbles, and eventual sharp downturn.
It also summarizes in part much of the work we have done on monetary and financial markets over the past few years.


Keywords：
Chinese economy, Chinese monetary policy, Monetary and exchange rate policy, Chinese asset prices and monetary policy


该报告写于2008年，更新的中国货币政策手册请参考汪嵩（2011）