China's Central Bank


CONNECT VIA IMF Podcast IMF Twitter IMF LinkedIn IMF RSS IMF YouTube IMF Flickr IMF Email Notification IMF Social Media Hub IMF App for iOS IMF App for Android
SDR Rates for June 14 SDR Interest Rate = 4.063% | 1 USD = SDR 0.758947 MORE

New Issues in Monetary Policy: International Experience and Relevance for China

Second Joint Conference of People's Bank of China and IMF

Location: Ritz Carlton Financial District, Beijing

March 27, 2014

The joint conference will discuss new issues in monetary policy in an international context and assess their relevance for China. Against the backdrop of the global financial crisis and the use of unconventional monetary policy, it will look at the implications for monetary policy frameworks, as well as the changing toolkit of central banks. As China transitions toward an increasingly open and complex financial system, the conference will also review the experience of other major economies as they moved toward interest rate-based tools and how they addressed rapidly changing financial landscapes. The conference will bring together international experts, Chinese academics, PBC and IMF staff.

Click on a presentation title to see the PDF. Click on a speaker name to see a short biography.

Wednesday, March 26, 2014

18:30 -20:00

Dinner Reception hosted by IMF

Location: Temple of Heaven I, Ritz Carlton Financial District

Thursday, March 27, 2014

9:00 - 9:15

Opening Remarks

Zhou Xiaochuan, Governor, People's Bank of China

9:15 - 10:45

Session I: Evolving Monetary Policy Frameworks after the Global Financial Crisis

Conventional wisdom about optimal policy frameworks has been challenged. Although inflation targeting delivered low and stable inflation in many advanced economies and emerging markets prior to the global crises, there is a debate about optimal monetary policy frameworks that go beyond narrowly defined inflation targets of the past, including taking into consideration growth, unemployment and financial stability. This session will discuss the latest views on optimal monetary policy frameworks and their implications for China.


He Jianxiong, Director General, International Department, People’s Bank of China


Li Bo, Director General, Monetary Policy Department II, People's Bank of China

John Murray, Deputy Governor, Central Bank of Canada

Philipp Hartmann, Acting Director General, Research Department,European Central Bank

Tsutomu Watanabe, Professor of Economics, University of Tokyo

10:45 - 11:00

Coffee Break


Session II: Changing Toolkit of Central Banks

This session will review the changing and expanding toolkit of central banks, including forward guidance, balance sheet operation, capital flow management, and macro-prudential policies.


Zhou Hao, Professor of China Economics, PBC School of Finance, Tsinghua University


Sun Guofeng, Deputy Director General, Monetary Policy Department, People’s Bank of China

Arminio Fraga, Gavea Investment and former Central Bank Governor, Brazil

Andrew Levin, Research Fellow, Research Department, IMF and former Federal Reserve Special Advisor

Wang Tao, Head of China Economic Research, UBS, Hong Kong



Keynote speaker: Marek Belka, President, National Bank of Poland


Session III: Rapidly Changing Financial Systems: Challenges for the Coordination of Financial Sector and Monetary Policy

Rapidly changing financial systems, financial innovations, and the surge of non-bank/shadow banking activities, go hand-in-hand with strong economic growth and structural transformation. While this is beneficial, it presents challenges both for financial sector regulation and supervision and the conduct of monetary policy. This session will look at the international experience of how best to approach a rapidly changing financial sector landscape and how best to coordinate macro prudential and monetary policy.


Heinz Herrmann, Head of Research, Deutsche Bundesbank


Ji Zhihong, Director General, Financial Market Department, People’s Bank of China

Leonardo Leiderman, Professor of Economics, Berglas School of Economics, Tel-Aviv University

Nellie Liang, Director, Federal Reserve Board's Office of Financial Stability Policy & Research

Ana Maria Aguilar, Director of Research, Central Bank of Mexico


Coffee Break


Session IV: Experiences in Moving Toward Market Based Policy Instruments

As countries move from quantitative targets to price based monetary policy tools, they have to determine the appropriate anchor, instruments and operational targets. This session will look at how countries managed the transition and the lessons and implications for China.


Alfred Schipke, Senior Resident Representative, IMF


Woon Gyu Choi, Deputy Governor, Central Bank of Korea

Sukhdave Singh, Deputy Governor, Central Bank of Malaysia

Ma Jun, Chief Economist, Deutsche Bank, Hong Kong

Heinz Herrmann, Head of Research, Deutsche Bundesbank

Zhou Hao, Professor of Economics, PBC School of Finance, Tsinghua University


Session V: Concluding Roundtable

The panel discussion will draw on the main conclusions from the day’'s discussion. Panel members will summarize their main takeaways with a focus on lessons that may be relevant for China's next steps.


He Dong,, Executive Director, Hong Kong Monetary Authority


Yi Gang, Deputy Governor, People's Bank of China

Marek Belka, President, National Bank of Poland

Arminio Fraga, Gavea Investment and former Governor, Central Bank of Brazil

Stephen Green, Head Research China, Standard Chartered


Closing Remarks

Markus Rodlauer, Deputy Director, Asia and Pacific Department, IMF


Dinner Reception

Hosted by Yi Gang, Deputy Governor, People's Bank of China

Location: Minzu Hotel, Yi Pin Restaurant, 2/F, Room Shan Si Xuan