Does the PBoC work like the Fed in having meetings where they discuss changes in monetary policy?

Question

The Fed has a specific schedule to its meetings about changing the Fed Funds Target Rate, does the PBoC perform the same as well?

Answer 1

I haven't posted here in a while, but I saw this question and thought I ought to respond.

No. That is the short answer to your question.

After having been living and working in China for a year, I realized that nothing about its economy can be viewed separately from politics and social psychology of mainland Chinese population. Simply put, everything is different.

People's Bank of China is defacto a part of executive branch of government. It sets monetary policy decisions in accordance with the government's social and economic policies, which are ultimately curated by the Chairman of the Communist Party (a.k.a the President). This makes it very predictable. If the growth target is set to 6.5%, the PBOC will provide enough liquidity to hit the target, pretty much at all costs.

In China's political culture collective debates are ubiquitous, but when something is being discussed, everyone tends to converge on the leader's opinion very quickly.

However, one can only speculate how PBoC board makes their decisions. It is not very transparent, like most of the political culture in the country. Everyone seems to be happy though that it is, at least, predictable.