The most frequently used monetary instrument in sterilization is open-market operations. Given China’s twin surpluses, the PBOC sold all of the government bonds that it had accumulated in 2003, so it has been selling central-bank bills ever since, with CN¥5 trillion ($812 billion) in such bills currently held by banks.
而冲销中使用最频繁的货币工具则是公开市场操作。考虑到中国的双顺差状况，人民银行在2003年全部出售了之前积累下来的政府债券，随后则开始出售中央银行票据，估计有价值5万亿元人民币（折合8120亿美元）的这类票据被银行所持有。