In 2012,the People's Bank of China has taken various means to implement an expansionary monetary policy to increase the money supply,and to try to jack up the falling economic growth rate. The implement of the monetary policy in the first three quarter of 2012 is under the new situation of the economic growth rate slow down,and inflation levels reduce. The main objective of monetary policy changes from anti-inflation to steady growth. The People's Bank synthetically makes use of monetary policy tools,such as open market operations,statutory deposit reserve ratio adjustment,the interest rate adjustment and window guidance and so on,to enhance the strength of pre-adjustment appropriately,to increase the pertinence,flexibility and perspectiveness of the policy,to keep the stability of the financial system and to make the macroeconomy running smoothly. <<