Following the year of 2003, China’s economy entered another upward cycle and the next five years saw 15 rises in required reserve ratio. In 2007 alone, the required reserve ratio was increased on ten occasions, and the benchmark interest rates for deposits and loans were raised six times.
In 2008, the US sub-prime mortgage crisis spread worldwide and escalated into a global financial crisis, significant changes took place in the economic and financial landscapes at home and 1 / 11  BIS central bankers' speeches  abroad.