The transformation in China’s banking system, coupled with the recent decision to revalue China’s currency, will require major changes in the conduct of monetary policy. Until recently, an exchange-rate peg dominated China’s monetary policy, with interest rates unchanged for nine years until October 2004, as the government attempted to manage lending through administrative guidance and credit controls.
中国银行系统的转变，加上最近调整人民币汇率的决策，要求在货币政策的实施上做出重大改变。直到不久以前，中国的货币政策还由固定汇率支配，利率在2004年10月前连续九年不变，因为政府企图通过行政指导和信用管理控制放款。