's Bank of China (PBC) since 2014. The focus is on the pass-through of the PBC's policy target rates pass-through to the …

bank intervention. Only retail banks can hold reserves, and these banks are also subject to a capital requirement, which … qualitative effects from a reduction in the central bank's balance sheet. Increases in the central bank's balance sheet can have … redistributive effects, and can reduce welfare. A reverse repo facility at the central bank puts a floor un- der the interbank …