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

Author

Listed:
  • Mr. Marc G Quintyn
  • Mr. Bernard J Laurens
  • Mr. Hassanali Mehran
  • Mr. Tom Nordman

Abstract

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, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

Suggested Citation

  • Mr. Marc G Quintyn & Mr. Bernard J Laurens & Mr. Hassanali Mehran & Mr. Tom Nordman, 1996. "Monetary and Exchange System Reforms in China: An Experiment in Gradualism," IMF Occasional Papers 1996/006, International Monetary Fund.
    • Handle: RePEc:imf:imfops:1996/006
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=1552
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    Citations

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    Cited by:

    1. Laura Komlóssy & Gyöngyi Körmendi & Sándor Ladányi, 2017. "The Road to a Market-Oriented Monetary Policy and the “New Normal” Monetary Policy Regime in China," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 16(Sepcial I), pages 101-125.
    2. Kumakura, Masanaga, 2005. "Trade, Exchange Rates, and Macroeconomic Dynamics in East Asia: Why the Electronics Cycle Matters," IDE Discussion Papers 34, Institute of Developing Economies, Japan External Trade Organization(JETRO).
    3. Chunli Shen & Jing Jin & Heng-fu Zou, 2012. "Fiscal Decentralization in China: History, Impact, Challenges and Next Steps," Annals of Economics and Finance, Society for AEF, vol. 13(1), pages 1-51, May.
    4. Aart Kraay, 2000. "Household Saving in China," The World Bank Economic Review, World Bank, vol. 14(3), pages 545-570, September.
    5. Michael Funke & Jörg Rahn, 2005. "Just How Undervalued is the Chinese Renminbi?," The World Economy, Wiley Blackwell, vol. 28(4), pages 465-489, April.
    6. Michael Funke & Jorg Rahn, 2004. "By How Much Is The Chinese Renminbi Undervalued?," Money Macro and Finance (MMF) Research Group Conference 2004 40, Money Macro and Finance Research Group.
    7. James Laurenceson & J. C. H. Chai, 2001. "State banks and economic development in China," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(2), pages 211-225.
    8. Hefeker, Carsten & Nabor, Andreas, 2002. "Yen of Yuan? China's Role in the Future of Asian Monetary Integration," Discussion Paper Series 26125, Hamburg Institute of International Economics.
    9. Qin, Duo & Quising, Pilipinas & He, Xinhua & Liu, Shiguo, 2005. "Modeling monetary transmission and policy in China," Journal of Policy Modeling, Elsevier, vol. 27(2), pages 157-175, March.
    10. Charles Kwong & Pak Lee, 2005. "Bad Loans Versus Sluggish Rural Industrial Growth: A Policy Dilemma of China's Banking Reform," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 10(1), pages 1-25.
    11. Fernald, John & Edison, Hali & Loungani, Prakash, 1999. "Was China the first domino? Assessing links between China and other Asian economies," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 515-535, August.
    12. Phylaktis, Kate & Girardin, Eric, 2001. "Foreign exchange markets in transition economies: China," Journal of Development Economics, Elsevier, vol. 64(1), pages 215-235, February.
    13. Michael Funke & Jörg Rahn, 2005. "Just How Undervalued is the Chinese Renminbi?," The World Economy, Wiley Blackwell, vol. 28(4), pages 465-489, April.
    14. Olivier Darné & Jean-François Hoarau, 2006. "Testing the purchasing power parity in China," Working Papers hal-04138871, HAL.
    15. Duo QIN & Xinhua HE & Pilipinas QUISING & Shiguo LIU, 2010. "Modeling Monetary Policies in China (PRC)," EcoMod2004 330600115, EcoMod.
    16. Fan, Ying & Sing, Tien Foo, 2021. "Macroeconomic policy-induced wealth effects on Chinese foreign housing investments," China Economic Review, Elsevier, vol. 69(C).
    17. Charles Kwong, 2011. "China's Banking Reform: The Remaining Agenda," Global Economic Review, Taylor & Francis Journals, vol. 40(2), pages 161-178.
    18. Mr. Zhongxia Jin, 2003. "The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002," IMF Working Papers 2003/067, International Monetary Fund.
    19. repec:zbw:bofitp:2004_014 is not listed on IDEAS
    20. Xu, Yingfeng, 2000. "China's exchange rate policy," China Economic Review, Elsevier, vol. 11(3), pages 262-277.
    21. Akhand Akhtar Hossain, 2015. "The Evolution of Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 14611.
    22. Hali J. Edison & John G. Fernald & Prakash Loungani, 1998. "Was China the first domino? assessing links between China and the rest of emerging Asia," International Finance Discussion Papers 604, Board of Governors of the Federal Reserve System (U.S.).
    23. Kubo, Koji, 2015. "Transition from black to official markets for foreign exchange in Myanmar," IDE Discussion Papers 511, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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