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

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ABC, 8, 81. See Agricultural Bank of 
China
administrative measures, 77, 96, 122
agricultural sector, 219–23
agro-related industries, 105, 122
allocation of reserves, 59–62
all-system financing aggregates, 78, 106
American Federal Reserve Committee, 
123. See the Fed
appreciation, 4, 56, 168, 187, 194, 
212–14
of currency, 225
of nominal exchange rate, 160–2, 219
arbitrage, 93, 160–2
Asian financial crisis, 79, 82, 86, 91, 
95–7, 112, 132, 166, 173, 189, 
194
asset, 79, 82, 86, 91, 95–7, 112, 132, 
166, 173, 189, 194
asset price, 99, 160–2
asset trading business, 23
dollar assets, 211–12
foreign exchange asset, 152, 212–13
uncontrollable autonomous assets, 130
auction-based issuance, 61
automatic deposit facility, 64, 67
Baffes, 173
balance
balance in balance sheets, 14
balance of trade, 159, 160
balance sheet, 10–15, 18–28, 35–41, 
47–50, 56–62, 71–2, 96–8, 
128–204, 229
current account balance, 164, 174, 
177, 196, 199, 210
external, 164, 166–75, 177–8
internal, 164
real money balances, 169
self-balancing behavior, 18
strike a balance, 63, 101
balanced international payments, 96
balanced outcome, 97, 224
Balassa-Samuelson effect, 4–5, 166–9, 
173, 214, 217–22
Balassa-Samuelson Hypothesis, 173, 
180
bank
Agricultural Bank of China (ABC), 
8, 81
Bank of China (BOC), 81
Bank of Communications (BCM), 81
banking operations, 7, 229
the basis of banking operation, 28
transfer or payment of liabilities of 
commercial banks, 13
bankruptcy, 31, 106
clearing bank, 156
commercial banks
municipal commercial banks, 83
Construction Bank of China (CCB), 
81
Index

242
●
Index
bank—Continued
entire banking system, 24
modern banks, 12, 28
old-style private banks, 14, 15
piggy bank, 10–14
Postal Savings Bank of China 
(PSBC), 81
profit of banks, 11–14
source of bank operations, 7, 15–16, 
43, 228–9 (see monetary 
starting point)
base money, 18
base point, 15, 124–6, 161
Bayesian Decision Theory, 101
BEER, 164–74
benchmark, 66, 89, 120, 125, 136, 149, 
158, 164, 174, 230
benchmark deposit rate, 101
benchmark real effective rate of 
RMB, 184
Bernanke, 49, 194, 198
bid-winning interest rate, 156
big banks, 81, 99
bilateral exchange rate, 159
bills, 37–8
central bank bills, 4, 53–9, 67–85, 
104, 135, 144
Blanchard, 194, 233
bond
bond market, 51–8, 62–7, 89–97, 
111, 122–33, 142–59, 230
bank counter bond market, 154, 159
book-entry bonds, 154
convertible bonds, 123
financial bonds, 68, 85, 142, 154–5
fixed term bond, 122
government bonds, 50, 85–6, 122–3
treasury bonds, 30, 38–9, 50–1, 68, 
72, 121–2, 131, 142–7, 151–5, 
229–30
bond asset management, 126–7, 144
bond custody system, 154
bookkeeping, 8–18
bookkeeping of loan release, 8
double-entry bookkeeping, 12–13
general ledger, 12–13
single-entry bookkeeping, 12–14
borrowing structure, 38
Bretton Woods, 214, 218–19, 234
bubble, 86, 160–2, 202
real estate, 86, 95, 162, 187, 202, 217
budget constraint, 169, 179, 181
budget deficit, 37
buffer stock monetary base, 40
buffer stock reserves, 45–6, 54–5, 228
business
business downturn, 32
business tax, 118 (see under tax)
buying spree, 113
capital
capital account, 93, 104, 178, 211, 
217, 225
capital adequacy ratio, 81
capital costs, 203
capital inflow, 57, 60, 160, 213, 225
capital return, 207–8
capital stock, 169, 179, 181, 208, 209
overall capital formation amount, 196
cash
absorb cash back into the bank, 15
cash deposit ratio, 43
cash flow, 121, 129, 212, 225, 228
of capital account, 225
cash issued, 77
cash outflow rate, 9
cash transfer or withdrawal, 12
cash withdrawals
cash withdrawal rate, 128
cash-bond trading, 134
put cash into circulation, 11
stock cash, 38, 47
CEIC, 102, 187, 204
ceiling
for RCC lending rate, 89
for RMB deposit rates, 12
central bank
Bank of England, 56, 121–5
central bank balance sheet, 41, 49, 
56–9, 96

Index
●
243
central bank bills, 4, 53, 57, 59, 63, 
67, 79, 80, 85, 104, 135, 144
central bank bonds, 43, 50, 56–67, 
121–6, 229–30
central bank certificates, 59
central bank liabilities spectrum, 
58–60
Central Banks of EU, 121
European Central Bank, 52, 122–5, 
161
Federal Reserve Bank, 124, 233
the People’s Bank of China (PBC), 3, 
9, 66, 75–82, 91–9, 192, 214
Reserve Bank of Australia, 123
Taiwan Central Bank, 215
central parity, 91, 92
CGER, 164, 165, 173–8
China Central Depository & Clearing 
Co. Ltd., 144, 156
China interbank bond repo interest 
rate, 157

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