Contents

Special Column on Globalization of Chinese Banks and Enterprises

The Globalization of Chinese Banks by Herbert Poenisch

Stepping on Frost and Ice, Taming the Path: The Internationalization of Global Banks by Ben Shenglin, Shao Hui, and Zhu He

New Era, New Trend, New Landscape: The Internationalization of Chinese Enterprises by Ben Shenglin, Geng Xin and Wan Feng

Hong Kong SAR, China

Hong Kong’s Positioning and Prospect as an International Financial Centre by Yi Gang

Assessment of the Strengths and Prospects of Hong Kong's Economic Growth by E Zhihuan

Tweak or Bleak by Zhang Ming

Global Economy

From Fragmentation to Cooperation: Boosting Competition and Shared Prosperity by Kristalina Georgieva

Bottlenecks, Labour Markets and Inflation in the Wake of the Pandemic by Hyun Song Shin

Return of Cost-push Inflation May Lead to Stagflation by Brian Reading

BoE’s November Decision Showcases Flexible Response to Covid Climbdown by Katharine Neiss

Monetary Policy

The Impact of Monetary Policy Normalisation on Asia by Agustin Carstens

New Monetary Policy Tools for Emerging Market and Developing Economies by Li Bo

Monetary and Fiscal Policies: In Search of a Corridor of Stability by Claudio Borio

Basis for Recovery by E Zhihuan

Digital Economy

The Present and Future of Money in the Digital Age by Fabio Panetta

Exploring a Digital Euro by Jens Weidmann

Multi-CBDC Arrangements: Transforming Words into Works by Agustin Carstens

The Fight for Your Digital Wallet by Marcelo Prates

Sustainable Development

Six Balancing Acts for the World to Achieve Sustainable, Green Development by Liu Jun

Building a One-Earth Balance Sheet by Andrew Sheng and Xiao Geng

The Post-coal Economic Opportunity by Danae Kyriakopoulou

COP26 Must Prompt Action on Net Zero Commitments by Tamara Singh

Book Review

Foreword to Covid-19 and the Structural Crises of Our Times by Andrew Sheng by Andrew Sheng

Working Paper

Monetary Policy Transmission with Two Exchange Rates of a Single Currency: the Chinese Experience by He Qing, Iikka Korhonen and Qian Zongxin

Urban Wage Inequality: The Reform of State-Owned Enterprises in China’s Great Transition by Sun Shiyu, Chu Xixi and Liu Xiangbo

International Monetary Review, January 2022, Vol.9 No.1