This project will provide a comprehensive study of the interbank market in China including its overall stability, its consequences for investment and its support for new productive ventures. The Macro Finance Research Program (MFR-China) will explore financial market evolution, banking reform, debt, and reform of state-owned enterprises. Researchers will investigate the many questions facing China’s increasingly dynamic financial markets—from privacy issues to credit worthiness and systemic risk—including the emerging challenges facing China’s regulators. This research will provide important insight for Chinese policymakers, as well as build resources for future research.