Research on the Transmission Mechanism of China's Monetary Policy

Author: Lu Jinquan, Lu Qingjie
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Features: This book primarily explores the transmission channels of China's monetary policy, arguing that the credit channel remains the main channel for monetary policy transmission in China. As the financial market develops, the credit channel of monetary policy will weaken, while the interest rate channel, non-monetary asset channel, and exchange rate channel of monetary policy transmission will gradually strengthen. The book focuses on several key issues of the monetary policy transmission mechanism, including China's monetization process and the development of the money market, monetary policy instruments, interest rate liberalization, the objectives of monetary policy, and the effectiveness of monetary policy. Currently, China needs to accelerate the development of the money market, improve monetary policy instruments, and advance interest rate liberalization reforms to further create conditions for the effective transmission of monetary policy, perfect market-based operation mechanisms, and enhance the effectiveness of the central bank's monetary policy.