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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,...

Hong Kong, China
			: Growth, Structural Change, and Economic Stability During the Transition

Hong Kong, China : Growth, Structural Change, and Economic Stability During the Transition »

Series: Occasional Papers

Author(s): Dubravko Mihaljek , and John Dodsworth

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 05 September 1997

DOI: http://dx.doi.org/10.5089/9781557756725.084

ISBN: 9781557756725

Keywords: banking, law, monetary authority, foreign exchange, banking system

This paper provides a detailed account of Hong Kong on the eve of its reintegration into China as a special administrative region. It analyzes recent economic development and provides a clear overview of Hong Kong'...

Economic Reform in China
			: A New Phase

Economic Reform in China : A New Phase »

Series: Occasional Papers

Author(s): David Burton , Wanda Tseng , Kalpana Kochhar , Hoe Khor , and Dubravko Mihaljek

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 September 1994

DOI: http://dx.doi.org/10.5089/9781557754219.084

ISBN: 9781557754219

Keywords: foreign exchange, inflation, monetary policy, banking, tax administration

China's economic performance hs been remarkable since the the reform process began 15 years ago. Notwithstanding the achievements that have been made, a number of serious problems remain. This papers discusses the...

Currency Convertibility and the Transformation of Centrally Planned Economies

Currency Convertibility and the Transformation of Centrally Planned Economies »

Series: Occasional Papers

Author(s): Joshua Greene , and Peter Isard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 March 1991

DOI: http://dx.doi.org/10.5089/9781557752147.084

ISBN: 9781557752147

Keywords: Centrally planned economies, current account, exchange rate, current account convertibility, foreign exchange, capital account

This paper examines the problems in establishing currency convertibility- and the optimal timing- in formerly planned economies making the transition to market-oriented systems....

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,...