01716cas a2200253 a 4500 AALejournalIMF004695 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451865783 1018-5941 BD-DhAAL BD-DhAAL Laurens, Bernard. China : Strengthening Monetary Policy Implementation / Bernard Laurens, Rodolfo Maino. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (51 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. We advocate adoption of an eclectic strategy involving the monitoring of several indicators, and of a short-term interest rate as the operational target. The PBC should be granted discretion to change its policy rate, and there are no technical obstacles for such a move to occur in the near future. Mode of access: Internet Maino, Rodolfo. IMF Working Papers; Working Paper ; No. 2007/014 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/014/001.2007.issue-014-en.xml IMF e-Library