monetary Policy , aSSet PriceS and conSumPtion in china

In 2010 all ECB publications feature a motif taken from the €500 banknote. 1 The views expressed represent those of the author and not necessarily those of the Bank of Finland. The author is grateful to the participants in the ECB IPA seminar and the Hong Kong Monetary Authority Conference " Financial Reforms, Macro Policies and Currency Internationalization: The Case of China " , and in particular to and an anonymous referee for their useful comments. NOTE: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the author and do not necessarily reflect those of the ECB. Fax +49 69 1344 6000 All rights reserved. Any reproduction, publication and reprint in the form of a different publication, whether printed or produced electronically, in whole or in part, is permitted only with the explicit written authorisation of the ECB or the author. Abstract 4 Non-technical summary 5 Introduction 6