Conway, Paul; Herd, Richard; Chalaux, Thomas - Economics Department, Organisation de Coopération et … - 2010
As a result of reforms and financial sector development, the People’s Bank of China (PBoC) now exerts significant … control over money market interest rates. With money market conditions increasingly influencing effective commercial lending …. Furthermore, interest rates are an important determinant of investment spending in China, via the user cost of capital, and …