A New View of Interest Rate Liberalization

Haiqing Deng and Xi Chen

Chapter 3 in Reforging the Central Bank:The Top-Level Design of the Chinese Financial System in the New Normal, 2016, pp 55-90 from World Scientific Publishing Co. Pte. Ltd.

Abstract: After the “cash crunches” in June 2013, the interest rates in China's money market and bond market have soared to a historical high level. One of the leading explanations at that time was that along with the advancement of interest rate liberalization, the upward trend of interest rates was inevitable. Since then, interest rate liberalization has attracted a lot of attention. In 2014, however, interest rates in money market dropped sharply. If we follow the previous explanation, the big drop in interest rate remains a puzzle. By then, this research area has faded away and interest rate liberalization has become a cliché.

Keywords: Central Bank; Chinese Financial System; Monetary Policy; Interest Rate Liberalization; RMB; Yuan (search for similar items in EconPapers)
JEL-codes: G21 (search for similar items in EconPapers)
Date: 2016
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