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: The Cabinet: George Washington and the Creation of an American Institution, by Lindsay Chervinsky, from Harvard University Press

Why You Should Participate in an (Online) Book Club

Online book clubs can be a rewarding way to connect with readers, Lindsay Chervinsky discovered, when she was invited to join one to discuss her book, The Cabinet: George Washington and the Creation of an American Institution. Since my book was published in April 2020, I’ve discovered that my work appeals to three main audiences. First, the general readers who are enthusiastic about history, attend virtual events, and tend to support local historic sites. Second, readers who are curious about our government institutions and the current political climate and are looking for answers about its origins. And third, history, social studies, and government teachers