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- W41435322 abstract "There has been an active debate over the internationalization of the yuan since the outbreak of the global financial crisis in 2008. In this paper, we look at the relationship between the yuan's internationalization and financial and capital markets. In China, corporations obtain the bulk of their funding through direct loans from the banks, the deposit and loan rates of which are regulated. China's approach to monetary policy and management of its economy are ultimately dependent on direct administrative guidance and quantitative restrictions (including restrictions on the volume of loans). At the same time, the lifting of capital controls is an essential component of the process of globalizing the yuan. Once capital is liberalized, China will have to move to a floating exchange rate regime in order to maintain an independent monetary policy. Based on Japan's experience in the 1980s, the lifting of capital controls will probably result in the deregulation of interest rates, since domestic rates will be affected by moves in unregulated interest rates overseas. And given that China depends largely on administrative guidance to manage its monetary policy, once capital is free to flow in and out of the country, China's macroeconomic policy tools will probably be rendered ineffective. This all suggests that once China liberalizes its capital accounts, it will need to move forward with liberalizing interest rates and shift to indirect macroeconomic controls, primarily open market operations. Sustained development of China’s economy should also naturally require macroeconomic adjustments and resource allocation based on a price (interest rate) discovery mechanism. We assume here that deep money and bond markets are needed to improve the central bank's ability to engage in open market operations. Money and bond market depth is also needed to absorb the impact from capital inflows and outflows. Furthermore, because the deregulation of interest rates increases interest rate risk, market participants must be provided with tools to hedge against that risk." @default.
- W41435322 created "2016-06-24" @default.
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- W41435322 date "2010-06-29" @default.
- W41435322 modified "2023-09-26" @default.
- W41435322 title "The Yuan's Internationalization and the Establishment of Money and Bond Markets in China" @default.
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