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Monetary and Exchange System Reforms in China
			: An Experiment in Gradualism

Monetary and Exchange System Reforms in China : An Experiment in Gradualism »

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

DOI: http://dx.doi.org/10.5089/9781557755629.084

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions,...

II China’s Financial Reforms Since 1978: An Overview

II China’s Financial Reforms Since 1978: An Overview »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

Given the country’s history and size, China’s reform process thus far has been a unique experience. The transformation of China’s economy started at a much earlier date than the reform of similar economic sy...

III Financial Sector Development

III Financial Sector Development »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

Financial sector development has been characterized by the establishment of a two-tier banking system, followed by the significant expansion of the sector. The sector has diversifie...

IV Legal Underpinning for a Market-Based Financial System

IV Legal Underpinning for a Market-Based Financial System »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

Until 1995, the existence and operations of the People’s Bank of China (PBC) were based upon provisional regulations promulgated in 1986. The four state-owned specialized banks and...

V Development of Money and Capital Markets

V Development of Money and Capital Markets »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

While money market development has remained slow in the first decade and a half of reforms, capital market development has become one of the most salient parts of financial developm...

VI Payments, Clearing, and Settlement System

VI Payments, Clearing, and Settlement System »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

Despite 16 years of economic reforms, the Chinese economy is still largely cash based. Furthermore, the share of cash payments in total payments has increased since the beginning of...

VII Instruments of Monetary Policy and Monetary Developments

VII Instruments of Monetary Policy and Monetary Developments »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

Prior to the reforms, monetary policy was implemented through the credit plan and the cash plan. As the credit plan was the financial counterpart of the physical or investment plan,...

VIII Developments in the Exchange System

VIII Developments in the Exchange System »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

The Chinese exchange system has changed at an accelerating speed during the past fifteen years from one in which access to foreign exchange was highly restricted and the exchange ra...

IX The Agenda for Developing a Market-Based Monetary and Exchange System

IX The Agenda for Developing a Market-Based Monetary and Exchange System »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

This section discusses the agenda for further financial reform in China toward a fully market-based system. It starts with a brief assessment of the achievements against which the t...

X Assessment and Conclusions

X Assessment and Conclusions »

Source: Monetary and Exchange System Reforms in China : An Experiment in Gradualism

Series: Occasional Papers

Author(s): Marc Quintyn , Bernard Laurens , Hassanali Mehran , and Tom Nordman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 26 September 1996

ISBN: 9781557755629

Keywords: foreign exchange, central bank, monetary policy, bonds, financial sector

It is generally accepted that financial sector reform is a complex and highly country-specific undertaking, despite the existence of some general guiding principles regarding its pr...