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China’s policy target rates: a preliminary comparative analysis

Kerry Liu

Macroeconomics and Finance in Emerging Market Economies, 2021, vol. 14, issue 3, 241-257

Abstract: The People’s Bank of China began to discuss the importance of DR007 (the 7-day repurchase rate by deposit-taking institutions at China’s interbank market) from 2016. This study compares the performance of the fixed DR007 (FDR007) to that of the other popular policy target rate, the FR007 (the fixed 7-day repurchase rate by both deposit-taking institutions and non-deposit-taking institutions). This is the first known study to make this comparison. Using a variety of methodologies, and based on daily datasets for January 2018 – December 2019, this study concludes that the FDR007 outperforms FR007 with respect to policy target rates.

Date: 2021
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DOI: 10.1080/17520843.2020.1848897

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