Hidden Bibliographic Details
| Other authors / contributors: | Xu, TengTeng, author.
International Monetary Fund. Asia and Pacific Department.
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| Notes: | At head of title: Asia and Pacific Dept.
"September 2009."
Includes bibliographical references (pages 29-30).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Interest rates in China comprise a mix of both market determined interest rates (interbank rates and bond yields), and regulated interest rates (lending and deposit rates), reflecting China's gradual process of interest rate liberalization. We argue, using a theoretical model and empirical analysis, that the regulation of key retail interest rates diminishes the ability of the market determined rates to act as independent price signals, or as benchmarks for use in asset pricing and monetary policy. Further interest rate liberalization should, therefore, strengthen the information conveyed by movements in interest rates, allowing for the better pricing of risk and capital.
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| Other form: | Print version: Porter, Nathan, 1971- What drives China's interbank market?. Washington, D.C. : International Monetary Fund, ©2009
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