In 2023, China’s monetary authority, the People’s Bank of China, issued more than 11.9 trillion yuan which was the highest amount issued in one year so far. Over the past years, the value of printed money increased steadily. The issuing of currency was one function of a central bank.
Maintaining price stability
One of the main policy objectives of the People’s Bank of China was to maintain price stability. Typically, countries set the desired inflation target and the central bank implements the necessary policies to achieve the said target. Usually, China keeps its inflation target at around three percent, but in 2021, the inflation rate dropped to under one percent. If the inflation rate is too low, central banks can issue more currency and decrease the interest rate. In the opposite scenario, if the inflation rate is too high central banks try to reduce the amount of money in circulation by increasing the interest rate or decreasing bond prices.
Managing the economy
In capitalist market economies, economies usually undergo a boom and bust cycle. Central banks attempt to counteract this cyclical development to soften the impact for its citizens. For instance, the Chinese government aims to maintain an unemployment rate of around four percent. However, crises such as the 2008 financial crisis and the outbreak of COVID-19 have an unforseen impact on the economy. To lower the employment rate, the People’s Bank engaged specific monetary policies to stimulate the economy with the aim of increasing job creation.
Amount of currency annually issued in China from 2011 to 2023
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Amount of currency issue in billion yuan
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People's Bank of China. (January 31, 2024). Amount of currency annually issued in China from 2011 to 2023 (in billion yuan) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/458737/china-amount-of-currency-issued/
People's Bank of China. "Amount of currency annually issued in China from 2011 to 2023 (in billion yuan)." Chart. January 31, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/458737/china-amount-of-currency-issued/
People's Bank of China. (2024). Amount of currency annually issued in China from 2011 to 2023 (in billion yuan). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/458737/china-amount-of-currency-issued/
People's Bank of China. "Amount of Currency Annually Issued in China from 2011 to 2023 (in Billion Yuan)." Statista, Statista Inc., 31 Jan 2024, https://www.statista.com/statistics/458737/china-amount-of-currency-issued/
People's Bank of China, Amount of currency annually issued in China from 2011 to 2023 (in billion yuan) Statista, https://www.statista.com/statistics/458737/china-amount-of-currency-issued/ (last visited August 25, 2024)
Amount of currency annually issued in China from 2011 to 2023 (in billion yuan) [Graph], People's Bank of China, January 31, 2024. [Online]. Available: https://www.statista.com/statistics/458737/china-amount-of-currency-issued/