The Impact of U.S.Monetary Policy Spillovers on China's Bond Market
As the core of the international monetary system,America's frequent adjustment of monetary policies and use of unconventional monetary policy tools will inevitably have policy spillover effects on China.In addition,Chi-na's bond market continues to open to the outside world.Based on the above background,empirical results show that U.S.monetary policy spillovers have a significant impact on China bond market and short-term bonds are more affected than long-term bonds.Spillover effects are asymmetric in different stages of American economic cycle,and the expansionary stimulus policies implemented by the Federal Reserve in the economic recession have a greater impact on China's bond market.U.S.monetary policy mainly affects China's bond market through exchange rate channel,and this channel illustrates stronger effectiveness since 2015.Therefore,China should further improve the construction of multi-level capital markets,accelerate the supplement and innovation of financial instruments,estab-lish a risk early warning and joint intervention mechanism for the linkage of stock,bond,foreign exchange and com-modity markets.We should also reduce the risk of cross-border capital flows by enhancing the endogenous growth momentum of the economy,and seize the initiative of opening up.
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