Actually, you can go to the central bank’s website and look at the 2007 currency implementation report. There are a lot of useful things in it. Below is an excerpt I hope is useful to you.

2007 (tightening monetary policy):

The interest rates were raised six times, to a one-year RMB deposit interest rate of 4.14% and a loan interest rate of 7.47%; legal deposits The reserve ratio was raised 10 times, from 9% to 14.5%.

In 2007, the economy showed signs of overheating, and the pressure for price increases increased. In the first half of the year, the GDP growth rate further increased from 11.6% in 2006 to 12.2%, and the CPI increase increased from 1.5% in 2006 to 3.2%. . The inflation situation in China and the world as a whole, especially in Asia, is severe. The trade surplus is too large, there are too many foreign exchange reserves and China's compulsory foreign exchange settlement system has resulted in too much base currency. Foreign crude oil prices hit new highs, the impact of the subprime mortgage crisis, and the U.S. interest rate cut have all prompted my country to implement a tightening monetary policy. The Central Economic Work Conference determined that the monetary policy will be changed from "stable" to "tight".

Under the comprehensive effect of various macro-control measures, the acceleration of monetary and credit growth has slowed down, and financial operations have been stable, but Credit expansion pressure remains high. At the end of 2007, broad money supply M2 increased by 16.7% year-on-year, and the growth rate was 0.2 percentage points lower than the previous year. The balance of RMB loans increased by 16.1% year-on-year, 1 percentage point higher than the previous year, and an increase of 3.6 trillion yuan from the beginning of the year. At the end of 2007, the central parity rate of the RMB against the US dollar was 7.3046 yuan, an appreciation of 6.90% over the end of the previous year.