China's monetary policy, overseen by the People's Bank of China (PBoC) established in 1948, strategically targets the stability of the Renminbi and supports economic growth. The PBoC's framework has significantly evolved, moving from direct credit controls in 1998 to indirect management, now utilizing broad money supply (M2) and total social financing (TSF) as key intermediate targets, alongside a managed exchange rate. Deputy Governor Pan Gongsheng highlighted Renminbi internationalization as a major reform, focusing on expanding its cross-border use and advancing capital account convertibility. Notably, the PBoC is also a leader in green finance and employs a diverse toolkit, from open market operations and interest rate policies to modern market-based approaches introduced since 2016.