importance of access to the money market for bank lending. We show that the two-tier system produced positive wealth effects for …

China has a dual-track interest-rate system: bank deposit and lending rates are regulated, but money and bond market … rates are market-determined. At the same time, the central bank also imposes an indicative target, which may not be binding … market data. Overall, the results of this study help us understand why the central bank conducts monetary policy in China the …

China has a dual-track interest-rate system: bank deposit and lending rates are regulated while money and bond rates … are market-determined. The central bank also imposes an indicative target, which may not be binding at all times, for … findings of this study help us to understand why the central bank conducts monetary policy in China the way it does, using a …