The monetary policy committee (MPC) holds plenary meetings quarterly. The chairman or one-third of the total number of members may propose an interim meeting.
The MPC shall take the minutes to keep a record of various opinions. By a majority of more than two-thirds of the members present at the meeting, the proposals put forward by MPC members may be adopted to form monetary policy recommendations. The People’s Bank of China shall attach recommendations or the minutes when submitting monetary policy decisions about annual money supply, interest rates, exchange rates and other important issues to the State Council for approval. For decisions on other monetary policy issues submitted to the State Council for filing, recommendations or the minutes shall be kept on file as well.
