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The Rise of the People's Bank of China: The Politics of Institutional Change

Author

Listed:
  • Bell, Stephen

    (University of Queensland)

  • Feng, Hui

    (University of Queensland)

Abstract
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

Suggested Citation

  • Bell, Stephen & Feng, Hui, 2013. "The Rise of the People's Bank of China: The Politics of Institutional Change," Economics Books, Harvard University Press, number 9780674072497, Spring.
  • Handle: RePEc:hup:pbooks:9780674072497
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    Citations

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    Cited by:

    1. Joshua Hall & Yang Zhou, 2017. "The Sinuous Dragon: Economic Freedom and Economic Growth in China," Working Papers 17-12, Department of Economics, West Virginia University.
    2. Dikau, Simon & Volz, Ulrich, 2021. "Out of the window? Green monetary policy in China: window guidance and the promotion of sustainable lending and investment," LSE Research Online Documents on Economics 111489, London School of Economics and Political Science, LSE Library.
    3. Sun, Rongrong, 2020. "Monetary policy announcements and market interest rates’ response: Evidence from China," Journal of Banking & Finance, Elsevier, vol. 113(C).
    4. Sun, Rongrong, 2015. "What measures Chinese monetary policy?," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 263-286.
    5. Richard C. K. Burdekin & Ran Tao, 2014. "Bank Lending Margins in China and the Effects of the June 2012 Liberalization," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 5(02), pages 1-19.
    6. Paul G. Egan & Anthony J. Leddin, 2016. "Examining Monetary Policy Transmission in the People's Republic of China–Structural Change Models with a Monetary Policy Index," Asian Development Review, MIT Press, vol. 33(1), pages 74-110, March.
    7. Klingelhöfer, Jan & Sun, Rongrong, 2018. "China's regime-switching monetary policy," Economic Modelling, Elsevier, vol. 68(C), pages 32-40.
    8. James Reilly, 2017. "China’s economic statecraft in Europe," Asia Europe Journal, Springer, vol. 15(2), pages 173-185, June.
    9. Lombardi, Domenico & Siklos, Pierre L. & Xie, Xiangyou, 2018. "Monetary policy transmission in systemically important economies and China’s impact," Journal of Asian Economics, Elsevier, vol. 59(C), pages 61-79.
    10. Orhan Hilmi Yazar, 2015. "Regulation with Chinese Characteristics: Deciphering Banking Regulation in China," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 44(2), pages 135-166.
    11. Hyoung-kyu Chey & Yu Wai Vic Li, 2016. "Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization," GRIPS Discussion Papers 15-23, National Graduate Institute for Policy Studies.

    More about this item

    Keywords

    Chinese central bank; Chinese monetary policy; controlling inflation; internationalizing the renminbi;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

    Statistics

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