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China's Monetary Policy Challenges

Under the current tendency toward excess liquidity, China's monetary policy is becoming more difficult to manage. This paper explains the specific monetary policy tools available to China's central bank, the People's Bank of China (PBC), and also examines how those tools have been used over the past few years. The PBC is fully deploying its array of monetary policy tools to deal with its excess liquidity problem. We point out the problems that have emerged in the management of this policy, and discuss recent measures taken to improve the situation.