Cover: The Rise of the People's Bank of China: The Politics of Institutional Change, from Harvard University PressCover: The Rise of the People's Bank of China in HARDCOVER

The Rise of the People's Bank of China

The Politics of Institutional Change

Add to Cart

Product Details

HARDCOVER

$63.50 • £50.95 • €57.00

ISBN 9780674072497

Publication Date: 06/10/2013

Text

384 pages

6-1/8 x 9-1/4 inches

4 charts, 27 graphs, 16 tables

World

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.

Recent News

Black lives matter. Black voices matter. A statement from HUP »

From Our Blog

Jacket, Bored, Lonely, Angry, Stupid: Changing Feelings about Technology, from the Telegraph to Twitter, by Luke Fernandez and Susan J. Matt, from Harvard University Press

Technology, Biology, Chronology

Fears and anxieties about the latest technologies are nothing new, say Luke Fernandez and Susan J. Matt, authors of Bored, Lonely, Angry, Stupid: Changing Feelings about Technology, from the Telegraph to Twitter. But neither is the fact that they often provide new ways for us to connect and socialize. Mark Twain is rumored to have said “History doesn’t repeat itself, but it often rhymes.” Of late, much press has been spent on uncovering those rhymes, focusing on the similarities between the current epidemic and past ones. These stories underscore the lesson that progress hasn't allowed us to escape the suffering of earlier