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This book presents the proceedings of a conference held in Beijing, China, on the role of central banks. Among the speakers were Paul A. Volcker, Miguel Mancera, and Jean Godeaux. The paperss review the role of monetary policy, its formulation and implementation, the supervision and regulation of financial systems, and the structure and responsibilities of central banks. The book is jointly published, both in English and Chinese, by the People's Bank of China, the IMF, and the UNDP.

Banks and banking, Central --- Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Zhongguo ren min yin hang --- Zhong guo ren min yin hang --- Chung-kuo jen min yin hang --- 中国人民银行 --- 中國人民銀行 --- People's Bank of China --- Zhongguo ren min yin hang zong hang --- 中国人民银行总行 --- Zhongguo ren min yin hang. --- 中国人民银行. --- Ren min yin hang (China) --- 人民银行 (China) --- Beihai yin hang --- Banks and Banking --- Inflation --- Macroeconomics --- Money and Monetary Policy --- Public Finance --- Foreign Exchange --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Price Level --- Deflation --- Central Banks and Their Policies --- Monetary Policy --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Monetary economics --- Financial services law & regulation --- Finance --- Currency --- Foreign exchange --- Credit --- Open market operations --- Monetary base --- Price stabilization --- Money --- Prices --- Monetary policy instruments --- Government policy --- State supervision --- China, People's Republic of

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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.

Demand for money -- China. --- Finance -- China. --- Monetary policy -- China -- Econometric models. --- Monetary policy -- China. --- Banks and Banking --- Finance: General --- Inflation --- Money and Monetary Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: General (includes Measurement and Data) --- Price Level --- Deflation --- Banking --- Monetary economics --- Finance --- Macroeconomics --- Money markets --- Monetary base --- Bank credit --- Banks and banking --- Money market --- Money supply --- Prices --- Credit --- China, People's Republic of --- Monetary policy. --- Money. --- Multiplier (Economics) --- Zhongguo ren min yin hang.