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The Ins & Outs of Chinese Monetary Policy Transmission

Author

Listed:
  • Silvia Miranda-Agrippino
  • Tsvetelina Nenova
  • Hélène Rey

Abstract

Using a novel indicator for the People's Bank of China monetary policy stance, we estimate a policy rule that accounts for the dual nature of its price stability mandate—encompassing domestic inflation and the exchange rate—and for the evolution of its operational framework. The “Ins”: The domestic transmission follows textbook patterns, with exceptions due to the active management of the renminbi and the financial account. The "Outs": International spillovers are powerful and affect commodity markets, global production and trade. The pass-through to foreign (US) prices is substantial. Financial spillovers are second-order, and mostly derivative from trade spillovers.

Suggested Citation

  • Silvia Miranda-Agrippino & Tsvetelina Nenova & Hélène Rey, 2026. "The Ins & Outs of Chinese Monetary Policy Transmission," NBER Working Papers 34626, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:34626
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    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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