The study looked at how changes in China's monetary policy affect the economy. By analyzing data from the interest rate swap market, the researchers found that both the reserve ratio and the 7-day repo rate impact different sectors and markets through the credit channel. They also discovered that a rise in credit spread makes these effects stronger on corporate finance. The study showed that China's monetary policy sends signals to businesses, and the impact varies depending on factors like ownership, leverage, and age of the enterprises.