PBOC’s Lu Lei: Central Bank to Keep Currency Stable, Fade Quantity Targets

The signal worth noting is the explicit shift away from quantity-based intermediate targets toward interest-rate tools, which suggests the PBOC wants a more price-driven transmission mechanism as the economy's credit needs evolve. That matters for anyone reading China's policy stance through aggregate financing or money-supply prints, since those gauges may carry less weight in future decisions. The currency-stability pledge sits alongside this, implying rate moves remain bounded by cross-border considerations. Whether the de-emphasis translates into actual practice, or stays rhetorical, is the open question.