The monetary policy of China aims to keep the value of the RMB stable and contribute to economic growth. "The Law on the People's Bank of China (the PBOC) stipulates that the objective of monetary policy is to keep the value of RMB stable to contribute to economic growth."
The People's Bank of China does not follow monetarism insofar as it achieves its policy goals not only with reference to inflation control and employment expansion, but also with interventions to set differential interest rates in rural versus urban regions, forbidding lending in certain sectors, and demanding stranded asset writeoffs in response to policy changes by the central government of China.
In this respect it resembles the more interventionist central banks of 1930s to 1950s Europe and the US, and also prior Communist regimes.