Reforms in China’s Monetary Policy Reforms in China’s Monetary
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1.1 Diagram for creation and circulation of currency 12 1.2 “Direct financing” and “indirect financing” 26 1.3 Constituents and determinants of reserves 47 1.4 Simplified balance sheet of a central bank 50 1.5 Diagram of structural deficit liquidity management framework 54 1.6 Central bank liabilities spectrum 59 1.7 Diagram of money market interest rate determination under the payment of interest on excess reserves 65 1.8 Benchmark interest rate trends of China’s money market (January 2000–July 2003) 66 2.1 A comparison of financing structures of 2002 and 2013 78 2.2 Adjustments of reserve requirement 81 2.3 The movement of interest rates 82 2.4 A three-stage reform of RMB exchange rate regime from 1979 to 2005 90 2.5 The trend of RMB/USD exchange rate since the beginning of the reform in 2005 and some milestones 91 2.6 The share of trade surplus in GDP and share of current account surplus in GDP 92 2.7 The growth of China’s foreign exchange reserve in the new century 98 2.8 Adjustments of RRR in the new century 99 2.9 A comparison of GDP and CPI growth during 2000–2012 between China and other major economies 102 2.10 Money market interest rates (1997–2002) 136 3.1 The natural equilibrium real effective exchange rate of RMB 165 x ● Illustrations 3.2 The equilibrium real effective exchange rate of RMB 167 3.3 The RMB equilibrium exchange rate 170 3.4 Dynamics of RMB equilibrium exchange rate 189 3.5 The impacts of variables on the change of equilibrium exchange rate 190 3.6 China’s current account surplus (percent of GDP) 192 3.7 The change and decomposition of China’s national savings rate 200 3.8 Government savings and deposits in the central bank (Scale: 100 million RMB) 205 3.9 The change of China’s total investment rate 207 3.10 Capital stock per capita (2011 10,000 US dollars) 209 tải về 1.53 Mb. Chia sẻ với bạn bè của bạn:
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