Editorial: Monetary Policy Reform Needs Steady Hand
China’s monetary policy framework is still undergoing a transformation.
Recently, the People’s Bank of China released its “2017 Q4 China Monetary Policy Implementation Report.” Most analysts looking at the report have focused on short-term variables like the liquidity level in the new year. These factors are, of course, important. However, even though the policies include many interim and targeted measures, we must not overlook an important thread running through the report: the transformation of China’s monetary policy framework from one based on quantitative control to one focused on price-based regulation.
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