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The People's Bank of China (PBOC), the nation's central bank, is capable and well-respected around the world.
However ...
The People's Bank of China (PBOC), the nation's central bank, is capable and well-respected around the world.
However, monetary policy can work well only to the extent that financial markets are sufficiently developed to allow the monetary authorities' interest-rate decisions to affect economic activity in a reasonably predictable way.
Chairman Ben S. Bernanke, Chinese Academy of Social Sciences, 15/12 2006