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The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. We advocate adoption of an eclectic strategy involving the monitoring of several indicators, and of a short-term interest rate as the operational target. The PBC should be granted discretion to change its policy rate, and there are no technical obstacles for such a

""Cover Page""; ""Title Page""; ""Copyright Page""; ""Contents""; ""Tables""; ""Figures""; ""Appendixes""; ""I. Introduction""; ""1. Central Bank Independence Scores""; ""2. Monetary Regimes in Low and Middle Income Countries""; ""II. Choice of a Framework for Countries with Evolving Monetary Regimes""; ""A. General Considerations""; ""1. Key Components of a Monetary Policy Framework""; ""3. Key Features of Conventional Monetary and Inflation Targeting Frameworks""; ""B. Evolving Monetary Regimes""; ""III. Transitional Arrangements: Stylized Frameworks""