The People's Bank of China (PBoC) should adopt a new intermediate target for its monetary policy, by shifting away from monetary aggregates and towards "price-based controls, such as interest rates", according to economists at the International Monetary Fund (IMF).

In China, the central bank aims to "maintain the stability of the value of the currency". It has traditionally used quantity controls on bank lending and other direct instruments, such as the reserve requirement ratio, as a way of