From 1993-1995 the People's Republic of China undertook a series of reforms designed to modernise their banking and financial systems, the process of financial intermediation and to implement a sound and credible monetary policy in China. They based these reforms on the Federal Reserve System in the USA. This book analyses these reforms and assesses the effectiveness of the monetary policy that was put in place and shows whether it can withstand China's accession to the WTO.

YONG GUO is a graduate student of the Leonard Stern School of Business.

Introduction The Banking System in the People's Republic of China Modernizing the Banking System: The 1984 Reforms Monetary Policy in China The 1995 Banking Reforms The Effects of the 1993-1995 Reforms Empirical Study of Chinese Monetary Policy in the Post reform era Summary and Conclusions