Citing an ancient emperor, China modernises its interest-rate system
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Chinese monetary policy
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QIN SHIHUANG was the emperor who first unified China, through bloody conquest more than two millennia ago. Known for starting the Great Wall and burying scholars alive, he has a new claim to fame: the central bank has drawn on his construction of a national road system to help explain its new monetary system. In a report on August 11th, the People’s Bank of China seized on an idiom derived from his road-building experience: it had “shaved off mountain peaks and filled valleys” in managing liquidity.
The modernisation of monetary policy is in its own way a monumental project for China. Over the past two decades, the central ...