Chapter 14 Monetary Policy Communication: Frameworks and Market Impact
Author:
Michael McMahon https://isni.org/isni/0000000404811396 International Monetary Fund

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Abstract

China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Contributor Notes

The authors thank participants at the 2018 joint People’s Bank of China–IMF conference on China’s Growing Bond Market in a Global Context for helpful comments and feedback. The authors also thank Anil Ari, Tomas Harjes, Ma Jun, Nan Li, Stephen Mulema, Rafael Portillo, Filiz Unsal, Ping Wang, Ting Yan, and People’s Bank of China staff for very helpful comments and suggestions.
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