What does the People's Bank of China do? The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.