The study looks at how China's central bank changed its way of managing money from using a quantity-based system to an interest rate-based one. They found that the new system is more effective in controlling things like loans, money supply, and the economy. The study shows that changes in interest rates have a bigger impact on the economy than changes in reserve requirements. Also, the central bank's move to an interest rate-based system has helped stabilize property prices. Overall, the study suggests that the new system is better at achieving economic and financial stability goals.