SF Fed Economists Zheng Liu and Mark Spiegel Receive Prestigious Chinese Economics Award

July 5, 2016

San Francisco, California – Federal Reserve Bank of San Francisco economists Zheng Liu and Mark Spiegel along with co-author Chun Chang of the Shanghai Advanced Institute of Finance have been awarded the Sun Yefang Award for their paper “Capital Controls and Optimal Chinese Monetary Policy,” published in the Journal of Monetary Economics.

The Sun Yefang Prize in Economic Science rewards outstanding contributions to economic research about China. The prize is considered the highest ranked award for economics in China, and has been awarded biennially by the Chinese Academy of Social Sciences since 1984. The award was established in memory of the distinguished Chinese reformist economist Sun Yefang.

Mr. Spiegel is Vice President in finance and international research, and Mr. Liu is Senior Research Advisor and Director for the Center for Pacific Basin Studies (CPBS). The Center promotes cooperation among central banks in the Pacific Basin and provides insight into and analysis of economic policy issues affecting the region.


Matthew Schiffgens
Federal Reserve Bank of San Francisco
(415) 974-3246


The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation’s central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffed.