| Abstract | Different from inflation targeting implemented in many countries, China adopts a multiple-target and overall balance monetary policy framework. However, rare research has been conducted on the switch amongst multiple monetary policy targets. This paper employs 8 popular indicators from several targets dimensions including price stability, economic growth and financial stability and so on to study the overall balancing by using Bayesian model averaging and selecting. Main findings can be summarized as (1) Various monetary policy targets combinations are found and they switch as economic condition changes, reflecting the policy flexibility and an overall balance amongst multiple targets, and in particularly, economic growth and financial stability are most observed in the period of serious financial crises; (2) It shows differences between targets indicators of the same dimension. Generally speaking, CPI excels PPI for price stability, fixed assets investment surpasses industrial value added for economic growth, export surpasses import for balance of international payments, and the exchange rate of USD/RMB surpasses Shanghai Composite Index for financial stability; (3) Interest rate responds differently to various targets, and it becomes most active and flexible in terms of price stability and economic growth. |