{
  "title": "China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations",
  "publication": "IMF Working Papers, November 16, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/11/17/chinas-monetary-policy-communication-frameworks-impact-and-recommendations-46375",
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  "summary": "Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy.",
  "sections": [
    {
      "heading": "Overview and purpose",
      "content": "- Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC).\n- The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy.\n- The paper discusses China’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel.\n- The results suggest significant progress but that PBC communication is still evolving toward the level of other major economies.\n- The paper recommends both medium-term policy reforms and reforms that can be adopted quickly."
    },
    {
      "heading": "Authors and publication metadata",
      "content": "- Authors: Michael McMahon, Alfred Schipke, Xiang Li\n- Publication date: November 16, 2018\n- Series: IMF Working Papers\n- Working Paper No.: 2018/244\n- Volume: 2018\n- Pages: 32\n- DOI: https://doi.org/10.5089/9781484385647.001\n- Stock No.: WPIEA2018244\n- ISBN: 9781484385647\n- ISSN: 1018-5941"
    },
    {
      "heading": "Key subjects and keywords",
      "content": "- Subjects: Banking; Central bank policy rate; Central banks; Communications in revenue administration; Financial services; Market interest rates; Monetary policy; Monetary policy communication; Monetary policy frameworks; Open market operations; Revenue administration\n- Keywords: Central Bank; Central bank policy rate; china's monetary policy communication; China's monetary policy communication; Communication; Communications in revenue administration; Financial Markets; Global; Market interest rates; Monetary Policy; Monetary policy communication; Monetary policy frameworks; Monetary Policy Transmission; OMO rate; Open market operations; PBC budget; PBC communication; PBC communications; PBC forecasting resource; PBC governor; PBC interest rate change; PBC official; People’s Bank of China; reverse repo; WP"
    },
    {
      "heading": "Empirical findings (as reported)",
      "content": "- The paper empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel.\n- The results indicate:\n  - Significant progress in PBC communication to date.\n  - PBC communication remains in evolution and has not yet reached the level of communication of other major economies."
    },
    {
      "heading": "Policy recommendations",
      "content": "- The paper recommends:\n  - Medium-term policy reforms to further develop PBC communication frameworks.\n  - Reforms that can be adopted quickly to improve transparency and signaling in the near term."
    },
    {
      "heading": "Access and formats",
      "content": "- The paper is available on the IMF eLibrary in multiple formats and is also available in 中文.\n- The landing page provides options to Download PDF, Order a Print Copy, Create Citation, and Share.\n\nIMF Working Paper No. 2018/244 (Michael McMahon, Alfred Schipke, Xiang Li), November 16, 2018.\n\n---\n\n Content in this bundle\n\n- Box 1. Communication Terminology\n  - Box 1. Communication Terminology (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Box 1. Communication Terminology (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/11/17/chinas-monetary-policy-communication-frameworks-impact-and-recommendations-46375"
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    "Authors: Michael McMahon, Alfred Schipke, Xiang Li",
    "Published: November 16, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484385647.001",
    "Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC).",
    "The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy.",
    "The paper discusses China’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel.",
    "The results suggest significant progress but that PBC communication is still evolving toward the level of other major economies.",
    "The paper recommends both medium-term policy reforms and reforms that can be adopted quickly.",
    "Authors: Michael McMahon, Alfred Schipke, Xiang Li",
    "Publication date: November 16, 2018",
    "Series: IMF Working Papers",
    "Working Paper No.: 2018/244",
    "Volume: 2018",
    "Pages: 32",
    "DOI: https://doi.org/10.5089/9781484385647.001",
    "Stock No.: WPIEA2018244",
    "ISBN: 9781484385647",
    "ISSN: 1018-5941",
    "Subjects: Banking; Central bank policy rate; Central banks; Communications in revenue administration; Financial services; Market interest rates; Monetary policy; Monetary policy communication; Monetary policy frameworks; Open market operations; Revenue administration",
    "Keywords: Central Bank; Central bank policy rate; china's monetary policy communication; China's monetary policy communication; Communication; Communications in revenue administration; Financial Markets; Global; Market interest rates; Monetary Policy; Monetary policy communication; Monetary policy frameworks; Monetary Policy Transmission; OMO rate; Open market operations; PBC budget; PBC communication; PBC communications; PBC forecasting resource; PBC governor; PBC interest rate change; PBC official; People’s Bank of China; reverse repo; WP",
    "The paper empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel.",
    "The results indicate:",
    "The paper recommends:",
    "The paper is available on the IMF eLibrary in multiple formats and is also available in 中文.",
    "The landing page provides options to Download PDF, Order a Print Copy, Create Citation, and Share.",
    "**Box 1. Communication Terminology**"
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