Contents

Special Column for the 70th Anniversary of the Founding of P.R. China

-China at 70: Free of Fear of Floating by Herbert Poenisch

-The 10th Anniversary of RMB Internationalization and Future Path——Constructing A New Ecological Circle of RMB Internationalization under Financial Markets Opening by E Zhihuan

-China's 40 Years of Opening-up: Evaluation and Prospects by Pyeongseob Yang et al.

Monetary Policy

-Monetary Policy: 10 Years After the Financial Crisis by Agustín Carstens

-Challenges for Monetary Policy by Jerome H. Powell

-Structural Changes in Financial Markets and Implications for Monetary Policy Implementation by Sabine Mauderer

-Can Central Banks Talk Too Much by Hyun Song Shin

Global Economy

-Why Development, Welfare Should Trump Tariffs by Liu Jun

-Currency Wars and Dollar’s Reserve Role by Mark Sobel

-Capital Markets Look Beyond EU by David Marsh

-Deepening EMU and the Implications for the International Role of the Euro by Luis de Guindos

China

-Why Sentiment Wields an Outsized Influence in China's Markets by Liu Jun

-China Must Rethink Growth Model by Mark Sobel

-RMB Depreciation--This Time is Different by Dong Jinyue and Xia Le

-U.S. Currency Wars with China: Past and Present by Steve H. Hanke

-Hong Kong's Real Problem is Inequality by Andrew Sheng and Xiao Geng

Belt and Road Initiative

-Role for Chinese Commercial Banks in the Belt and Road Initiative by Herbert Poenisch

Digital Economy

-Increasing Innovation and the Future of Money and Payments by Agustín Carstens

-Money and Private Currencies: Reflections on Libra by Yves Mersch

Working Paper

-Does Aggregate Insider Trading Predict Stock Returns in China by He Qing, Chen Bingqian and Wen Jing

-Measuring the Importance of Renminbi in the Exchange Rate Spillover Networks: New Indices of RMB Internationalization by Zhou Yinggang, Cheng Xin and Wang Yiming

-Put-Call Ratio Predictability of the 50ETF Option by Gang Jianhua, Zhao Yang and Ma Xinchen