According to Michael Hasenstab, China has entered a completely new stage in building securities markets. He pointed out that policy innovations have very useful promotion for it. The author states that a well functioning government bond market are crucial for central bank's execution of monetary policy and can provide the capital market with much of information mentioned many aspects. And besides, he explain opposition of efficient or function markets which would be likely to seriously …showed first 75 words of 502 total…

…showed last 75 words of 502 total…