In September 2016, the Bank introduced "QQE with Yield Curve Control" -- a new framework for monetary easing -- and thereby strengthened the two previous policy frameworks of QQE and "QQE with a Negative Interest Rate." This framework consists of two components (Chart 8). The first is the yield curve control in which the Bank controls short- and long-term interest rates.
Williamson (2012) argues that the Beijing Consensus could best be described as protecting China’s “self-interest” rather than a genuine concern for Africa’s developmental needs. For instance, Chinese loans and grants to Africa were closely linked with trade and investments in Chinese commodities.