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China Insights

Monthly update on Chinese markets
09 February 2022
    Download the full reportPDF, 2.8MB


    • The People’s Bank of China is adopting a market-based interest rate approach to conducting monetary policy
    • Unlike the Fed, the PBOC doesn’t just target short-term rates; the Chinese central bank also regulates medium-term rates
    • The PBOC targets longer-term rates in hopes of improving the transmission mechanism by which interest rates affect the economy
    • The PBOC has begun a new monetary easing cycle recently, to combat a slowing economy due to sporadic Covid outbreaks and a troubled real estate sector