08 26 2019 | by Victor Xing | Economics
07 12 2019 | by Victor Xing | Capital Markets
Kekselias portfolio one-year return: 51.5%
02 27 2019 | by Victor Xing | Economics
Common catalyst for progressive and conservative populism
12 09 2018 | by Victor Xing | Capital Markets
Kekselias performance review: 1.31% YTD total return
10 14 2018 | by Victor Xing | Capital Markets
Roundabout path in the snap-back of long-term bond yields
09 23 2018 | by Victor Xing | Central Banks
Calm before the storm as quantitative tightening looms
05 20 2018 | by Victor Xing | Central Banks
Alternative narrative on the natural rate of interest
01 07 2018 | by Victor Xing | Capital Markets
Flatter yield curve a symptom of ineffective tightening
12 04 2017 | by Victor Xing | Central Banks
Bond market term premium and wolves of Yellowstone
10 17 2017 | by Victor Xing | Capital Markets
How we learned to stop worrying and love the “fake markets”
11 17 2015 | by Victor Xing | Central Banks
What is monetary policy autonomy?
Central bank independence, or monetary policy autonomy refers to a central bank’s ability to conduct monetary policy without political interference, that monetary policy decisions are made purely based on economic and financial conditions to achieve publicly-stated objective(s) of a central bank.
The best comparison I can think of is the difference between the Federal Reserve (as well as Bank of England and the ECB) vs.(PBOC). The PBOC is not an independent central bank, because some of its policies are influenced by macro objectives of the as well as the . Head of the Federal Reserve at the Congress and shrug off the political pressure on-the-follow. The same cannot be said for a central bank that is not fully independent.
PBOC Governor Zhou Xiaochuan (3rd row, center) is a minister-level official. Moreover, the PBOC is under the organization chart of the State Council, headed by Premier.
This makes China’s economic reaction function somewhat difficult for market participants to anticipate, because reactions on changing economic conditions may come in the form of fiscal or monetary policy, or a combination of both (the “dual bazooka” approach).
Next article11 17 2015 | by Victor Xing | Capital Markets