Executive Board
Calendar
Board Discussions
on the People's Republic of China:

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July 25, 2014
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July 20, 2012
July 15, 2011
July 26, 2010

Article IV Staff Reports

Financial Sector Assessment Program

Projected % Change
   2014  2015
Real GDP 7.4 7.1
Source: World Economic Outlook Update (July 2014)

People's Republic of China: Financial Position in the Fund

Transactions with the Fund

Central Bank
People's Bank of China


Resident Representative Office in the People's Republic of China

See also:
People's Republic of China -- Hong Kong Special Administrative Region

Macao Special Administrative Region of the People's Republic of China

Check this book:
New Issues in Monetary Policy; July 2014 (Also Available in Chinese Version)

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People's Republic of China and the IMF
Updated September 18, 2014

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Financial Market Update
July 16, 2012 -- Financial Market Update:
Risks to financial stability have increased since the April 2012 Global Financial Stability Report (GFSR). Sovereign yields in southern Europe have risen sharply amid further erosion of the investor base. Elevated funding and market pressures pose risks of further cuts in peripheral euro area credit. The measures agreed at the recent European Union (EU) leaders’ summit provide significant steps to address the immediate crisis. Aside from supportive monetary and liquidity policies, the timely implementation of the recently agreed measures, together with further progress on banking and fiscal unions, must be a priority. Uncertainties about the asset quality of banks’ balance sheets must be resolved quickly, with capital injections and restructurings where needed. Growth prospects in other advanced countries and emerging markets have also weakened, leaving them less able to deal with spillovers from the euro area crisis or to address their own home-grown fiscal and financial vulnerabilities. Uncertainties on the fiscal outlook and federal debt ceiling in the United States present a latent risk to financial stability. Text also available in: عربي; 中文; Español; Français; 日本語; Русский.
January 25, 2011 -- Financial Market Update:
Nearly four years after the onset of the largest financial crisis since the Great Depression, global financial stability is still not assured and significant policy challenges remain. Balance sheet restructuring is incomplete and leverage is still high. The interaction between banking and sovereign credit risks in the euro area remains a critical factor. At the global level, regulatory reforms are still needed to put the financial sector on a sounder footing. At the same time, accommodative policies in advanced economies and relatively favorable fundamentals in some emerging market countries are spurring capital inflows, so emerging countries must watch for signs of asset price bubbles and excessive credit.
Text also available in: عربي; 中文; Español; Français; Русский.
July 07, 2010 -- Financial Market Update:
Despite generally improved economic conditions and a long period of healing after the failure of Lehman Brothers, progress toward global financial stability has recently experienced a setback. Sovereign risks in parts of the euro area have materialized and spread to the financial sector there, threatening to spill over to other regions and re-establish an adverse feedback loop with the economy. Further decisive follow-up is needed to the significant national and supranational policy responses that have been taken in order to strengthen confidence in the financial system and ensure continuation of the economic recovery. Text also available in: عربي; 中文; Español; Français; 日本語; Русский; and 한국어.
January 26, 2010 -- Financial Market Update:
Systemic risks have continued to subside as economic fundamentals have improved and substantial public support remains in place. Despite improvements, financial stability remains fragile in many advanced countries and some hard-hit emerging market countries. A top priority is to improve the health of these banking systems so as to ensure the credit channel is normalized. The transfer of financial risks to sovereign balance sheets and the higher public debt levels also add to financial stability risks and complicate the exit process. Capital inflows into some emerging market countries are beginning to raise concerns about asset price and exchange rate pressures. Policymakers in these countries may need to exit earlier from their supportive policies to contain financial stability risks. For all countries, the goal is to exit from the extraordinary public interventions to a global financial system that is safer, but retains the dynamism needed to support sustainable growth.
Text also available in: عربي; 中文; Español; Français; 日本語; Русский; and Tiếng Việt.
July 08, 2009 -- Financial Market Update:
Financial conditions have improved, as unprecedented policy intervention has reduced the risk of systemic collapse and expectations of economic recovery have risen. Nonetheless, vulnerabilities remain and complacency must be avoided. The financial sector continues to be dependent on significant public support, resulting in an unparalleled transfer of risk from the private to the public sector. At the same time, however, work will need to begin on exit strategies from the various financial, monetary, and fiscal support policies in order to address market uncertainty. Medium-term policies need to ensure that steps taken to normalize policies and markets are consistent with establishing a lasting framework of sound financial regulation, sustainable fiscal balances, and the maintenance of price stability.
Text also available in: عربي; 中文; Español; Français; 日本語; русский.
January 28, 2009 -- Financial Market Update:
Risks to financial stability have intensified since October 2008. Financial markets worldwide reflect ongoing deleveraging pressures amidst a deepening economic downturn. In spite of extensive policies, the global financial system remains under intense stress.
Text also available in: عربي; 中文; Español; Français; 日本語; русский.
Charts (pdf file in English only)
July 28, 2008 -- Financial Market Update:
Global financial markets continue to be fragile and indicators of systemic risk remain elevated. Credit quality across many loan classes has begun to deteriorate with declining house prices and slowing economic growth. The resilience of emerging markets to the global turmoil is being tested as external financing conditions tighten and policymakers face rising inflation.
Text also available in: عربي; 中文; Español; Français; 日本語; русский.
Charts (pdf file in English only)
January 29, 2008 -- Financial Market Update:
Global financial market conditions have worsened since the publication of the October 2007 Global Financial Stability Report as the fallout from the subprime mortgage crisis widens. What began as a test of the structured credit markets and the associated funding needs has reached a new phase where credit concerns now extend beyond the subprime sector.
Text also available in: عربي; 中文; Español; Français; 日本語; русский.
Charts (pdf file in English only)