Reforms in China’s Monetary Policy Reforms in China’s Monetary

Reforms in China’s Monetary Policy

Reforms in China’s Monetary 
Policy 
A Frontbencher’s Perspective
Sun Guofeng

REFORMS
IN
CHINA
’
S
MONETARY
POLICY
Copyright © Sun Guofeng, 2015.
Softcover reprint of the hardcover 1st edition 2015 978-1-137-50446-3
All rights reserved.
First published in 2015 by
PALGRAVE MACMILLAN®
in the United States—a division of St. Martin’s Press LLC,
175 Fifth Avenue, New York, NY 10010.
Where this book is distributed in the UK, Europe and the rest of the world, 
this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, 
registered in England, company number 785998, of Houndmills, 
Basingstoke, Hampshire RG21 6XS.
Palgrave Macmillan is the global academic imprint of the above companies 
and has companies and representatives throughout the world.
Palgrave® and Macmillan® are registered trademarks in the United States, 
the United Kingdom, Europe and other countries.
ISBN 978-1-349-57089-8 ISBN 978-1-137-50448-7 (eBook)
DOI 10.1057/9781137504487
Library of Congress Cataloging-in-Publication Data
Sun, Guofeng, 1972–
Reforms in China’s monetary policy : a frontbencher’s perspective / 
Sun Guofeng.
pages 
cm
Includes bibliographical references and index.
1. Monetary policy—China. 2. Money—China. 3. Foreign exchange 
rates—China—Congresses. 4. Foreign exchange—Government policy—
China—Congresses. I. Title. 
HG1285.S86 2015
339.5
⬘30951—dc23 2015003956
A catalogue record of the book is available from the British Library.
Design by Newgen Knowledge Works (P) Ltd., Chennai, India.
First edition: August 2015
10 9 8 7 6 5 4 3 2 1

To my wife
Fang Li

Contents
List of Illustrations
ix
Preface
xi
Li Yang
Introduction
1
Chapter 1
Monetary Theory
7
Chapter 2
Monetary Policy
75
Chapter 3
Exchange Rate Policy
163
Notes
227
References
233
Index
241

Illustrations