Contents

Featured Article

-My Take of China’s Economic Policy (by Nout Wellink)

Monetary Policy

-Exchange Rates and Monetary Policy Frameworks in Emerging Market Economies (by Agustín Carstens)

-Putting the Final Piece into the New Monetary Policy Framework Timing is the Key (by Dong Jinyue and Xia Le)

-Magical Monetary Theory (by John Greenwood and Steve H. Hanke)

-The Disconnect Between Inflation and Employment in the New Normal (by Lael Brainard)

Financial Regulation

-Frameworks for the Countercyclical Capital Buffer (by Randal K Quarles)

-Proportionality in Financial Regulation: Where Do We Go From Here? (by Fernando Restoy)

-Financial stability post Brexit: risks from global debt (by Sir Jon Cunliffe)

Global Economy

-How to Ensure the Effective and Sustainable Financing of International Development (by Christine Lagarde)

-Competitiveness of Europe and European Financial Markets (by Yves Mersch)

-The Fall of German Banking (by David Marsh)

China

-The Power of China's Urban Clusters (by Andrew Sheng and Xiao Geng)

-The Ever-Solid Hong Kong Dollar (by Steve H. Hanke)

-Revisiting China’s Economic Slowdown (by Kotbee Shin)

-Boosting Internationalisation of RMB in Times of Trade Tensions (by Herbert Poenisch)

Trade Frictions

-How Will the US-China Trade War End (by Andrew Sheng and Xiao Geng)

-Growth Slowdown Deepened as Trade War Risk Intensified Again (by Dong Jinyue and Xia Le)

-The Impact of US-China Trade Tensions (by Eugenio Cerutti, Gita Gopinath, and Adil Mohommad)

-What Price for the Trade War (by Hong Hao)

Belt and Road Initiative

-Belt and Road Initiative: Two Key Channels to Achieving Financial Connectivity (by Christine Lagarde)

-New Evaluation for Belt and Road (by Herbert Poenisch)

-How African countries can play an active role in the Belt and Road Initiative (by Yandraduth Googoolye)

Digital Economy

-Innovation Transforms Central Banking (by Agustín Carstens)

Research Report

-The Ceramics of Eurasia, How export porcelain has shaped a globalized world (by Thorsten Giehler)

Working Paper

-China and Special Drawing Rights: Towards a Better International Monetary System (by Matthew Harrison and Xiao Geng)

-China's Monetary Policy Communication: Frameworks, Impact, and Recommendations (by Michael McMahon, Alfred Schipke, and Li Xiang)