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1、TheChinaMonetaryPolicyHandbookJonathanAndersonAbstractThemonetarypolicyplaysacriticalroleintheChineseeconomy.Thisreporttakesadetailedandfundamentallookateachofthefollowingquestions:(i)Howdoespolicywork?(ii)WhichvariablesdoesthePeople’sBankofChina(PBC)target?(iii)Doesithavem
2、arket-basedtools?(iv)Doesithaveeffectivecontrolofinterestratesandliquidity?(v)Canitreallyinfluencegrowthandinflation?Oristheeconomy‘‘beyondcontrol,’’chronicallylurchingintooverheating,assetbubbles,andeventualsharpdownturn.Italsosum-marizesinpartmuchoftheworkwehavedoneonmone
3、taryandfinancialmarketsoverthepastfewyears.KeywordsChineseeconomyChinesemonetarypolicyMonetaryandexchangeratepolicyChineseassetpricesandmonetarypolicy1OverviewandSummaryIfwehadtochoosethesinglemostmisunderstoodandconfusingaspectoftheChineseeconomy,onethatgeneratesbyfarth
4、emostquestionsfromoutsideinvestors,itwouldbetheroleofmonetarypolicy.Afterall,hereisacountrywithavirtuallyfixedexchangerate,acommercialbankingsystemandacentralbankthatwereessentiallyrebuiltfromscratchoverthepasttwodecades,andheavyrelianceonadministrativecontrolsanddirectives
5、inkeypartsoftheeconomy.Howdoespolicywork?WhichvariablesdoesthePeople’sBankofChina(PBC)target?Doesithavemarket-basedtools?Doesithaveeffectivecontrolofinterestratesandliquidity?Canitreallyinfluencegrowthandinflation?Oristheeconomy‘‘beyondcontrol,’’chroni-callylurchingintoover
6、heating,assetbubbles,andeventualsharpdownturn.J.Anderson(*)UBS,HongKong,Chinae-mail:jonathan.anderson@ubs.comJ.R.Barthetal.(eds.),China’sEmergingFinancialMarkets,167TheMilkenInstituteSeriesonFinancialInnovationandEconomicGrowth8,DOI10.1007/978-0-387-93769-4_5,Ó2009byMilkenI
7、nstitute168J.AndersonThisreporttakesadetailedandfundamentallookateachoftheabovequestions,summarizinginpartmuchoftheworkwehavedoneonmonetaryandfinancialmarketsoverthepastfewyears.Thekeyfindingsareasfollows.Firstandforemost,webelievethatthePBCandotherrelatedagenciesgenerallyg
8、eta‘‘badrap’’fromoutsideinvestorsandanalysts,whotendtoseethemonetaryauthoritiesasu
