On 21 July 2005 China adopted an undisclosed basket exchange rate regime. We formally assess and envisage the gradual …

Monetary policy in mainland China differs from conventional central banking in several respects. The central bank … captures China's unconventional monetary policy toolkit. We find that credit quotas are important as the interest-rate corridor … distorts the efficient reactions of the economy. Moreover, for China's central bankers the choice of a particular monetary …

This paper discusses the macroeconomic effects of China's informal banking regulatory tool “window guidance …