Monetary and exchange system reforms in china : an experiment in gradualism

This IMF Occasional Paper traces the monetary, exchange, and financial sector developments in China since 1978, when the country embarked upon a far-reaching re form of its economic system. The paper reflects the continuous involvement of its authors, as well as of a number of other IMF staff and outside consultants on China, going back to 1991. The staff advisory work in the areas covered by this paper initially focused on central banking and commercial banking legislation, with contributions by Tobias Asser (Assistant General Counsel, Legal Department), and with the participation of Manuel Guitián and Justin Zulu (Directors. Monetary and Exchange Affairs Department (MAE)), William Holder (Deputy General Counsel), Leonard Gleske (member of the Board, Bundesbank), Didier Bruneel (Secretary General. Bank of France), Akira Nambara (Executive Director, Bank of Japan), and J. De Beaufort Wijnholds (Executive Director, IMF), as well as Hassanali Mehran and Marc Quintyn. Bernard Laurens integrated the material into the section dealing with legal issues in this paper.
The development of the exchange markets reflects a series of missions and parallel workshops organized for this purpose. Masaru Tanaka, Yoshihiko Noguchi, and Shuzo Sakata (Bank of Japan), David Strachan (Bank of England), Christopher Mc Curdy and Dino Kos (Federal Reserve Bank of New York). Thanasak Chantarovas (Bank of Thailand), and Igor Kniazey (Central Bank of the Russian Federation) participated at various times and contributed to the process. Tom Nordman, who headed these missions, put together the section on the development of the exchange system. R. Barry Johnston, Arto Kovanen, and Bernard Laurens also participated and contributed at various stages.