China's Monetary Policy Communication: Frameworks, Impact, and Recommendations

Information about Asia and the Pacific Asia y el Pacífico
China's Monetary Policy Communication: Frameworks, Impact, and Recommendations
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Volume/Issue:
2018/244
Series:
IMF Working Papers
Author(s):
Michael McMahon, Alfred Schipke, and Xiang Li
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
November 2018
DOI:
http://dx.doi.org/10.5089/9781484385647.001
ISBN:
9781484385647
ISSN:
1018-5941
Page:
32
Financial markets are eager for any signal of monetary policy from the People's Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country's unique institutional setup and empirically analyzes the impact on financial markets of the PBC's main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.
Article

China's Monetary Policy Communication: Frameworks, Impact, and Recommendations

Author(s):
Michael McMahon, Alfred Schipke, and Xiang Li
Published Date:
November 2018
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