摘要
China has been pursuing a prudent monetary policy while trying to utilize its credit reserves to support the real economy. The central government has sent a strong signal that, in the ＇deep water＇ of reform, it is moving towards a more open, market-oriented economy. Regarding monetary policy, the People＇s Bank of China （PBOC） is attempt- ing to activate the existing credit stock. It has cut down on speculative lending and is directing funds to support the real econ- omy.
