People’s Bank of China and the Global Financial Crisis: Policy Responses and Beyond
The previous chapter defined the PBC as a government-owned central bank in China’s market-oriented reform. Political domination is, at the time of writing, its predominant characteristic, affecting its relationships with government and with the market. In this context, the bank was challenged by the spillovers from the GFC from late 2008, but China regained significant GDP growth a year later. This chapter will provide an overall assessment of central bank crisis management by the PBC, demonstrating that it is a proactive financial regulator under the direct control of the government.
KeywordsInterest Rate Monetary Policy Global Financial Crisis Bank Loan News Report
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