China's central bank quietly increases its power in battle to curb risks
PBOC makes greater use of market mechanisms to adjust interest rates for more targeted, timely policy control
Beijing
CHINA'S central bank has been quietly boosting its policy independence and regulatory reach as it seeks to contain risks to the financial system, policy insiders said, to help ensure stability ahead of a five-yearly leadership team transition this year.
By greater use of market mechanisms to adjust interest rates instead of changing the official benchmark rates, which need political approval, the People's Bank of China (PBOC) has assumed more targeted, timely and effective control of its principal policy objective - to calibrate the cost of capital in the economy.
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