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 (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.