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China: The path to interest rate liberalization

Financial sector reform is a key component of China's multi-decade economic restructuring plan, designed to shift from centrally planned, government-controlled economy to a unique Chinese hybrid best described as a social market system.

Historically the People's Bank of China (PBoC) has dominated China's banking and financial sectors, but gradual liberalization has allowed commerical banks to establish operations, bong markets to actively trade, money markets to determine the price of liquidity and a shadow banking system to evolve. Still, China's largest commercial banks have continued to dominate financial intermediation, while the PBoC's prescribed deposit rates and other monetary policy controls have created vast distortions and overcapacity in many industries.

China: The path to interest rate liberalization

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Cash & Liquidity Management Series (44 articles)

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