China’s central bank has often been maligned for using non-traditional means of monetary policy. Some of these have been extremely invasive, not only for the Chinese economy, but for economies outside China. It is well known that China has interfered in normal free-market operations in the past, by manipulating currency values for example. Ultimately the PBOC has a mandate to grow the Chinese economy and to maintain stability for the renminbi. And they will do whatever they deem necessary in pursuit of that objective. Fortunately, China has become more sensitive to other country’s needs in the modern age, and that’s led the PBOC to pursue a more normal monetary policy course.