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A refresher on China’s monetary policy framework

With the People’s Bank last week tweaking the interest rates on its open market operations, it seems timely to highlight some of the peculiarities of China’s monetary policy framework. One key one is that, as the People’s Bank has still not made a full transition towards targeting interbank rates, investors should be cautious about interpreting interest rate changes in China using the same framework they apply to central bank actions elsewhere.

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