Economy of China the stock in some firms. Lines of credit were extended by CFS to 21 securities firms, some of which also purchased up to 5% of some companies stocks. Some of the small cap stocks acquired may be overvalued. Chinese stocks fell about 10% during the last week of July 2015 with record breaking losses on Monday. The renminbi ("people's currency") is the currency of China, denominated as the yuan, subdivided into 10 jiao or 100 fen. The renminbi is issued by the People's Bank of China, the monetary authority of China. The ISO 4217 abbreviation is CNY, although also commonly
Monetary policy of China Monetary policy of China Monetary policy concerns the actions of a central bank or other regulatory authorities adopt to manage and regulate currency and credit in order to achieve certain macroeconomic goals. 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 steady monetary policy with Chinese characteristics came into being gradually after 1998. The so-called prudent monetary policy means