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By Friday, INE had registered over 20,000 trading accounts, among which 25 percent were institutional accounts, and the rest were held by individuals.

But this clearly did not mean that the PBOC is abandoning its long-standing policy of following a prudent monetary policy in order to instead implement anything like the "whatever it takes" liquidity infusion now being followed by the US Federal Reserve.

But, suppose we just ignore the real data and assume, counterfactually, that Chinese monetary authorities want to manipulate the value of the yuan. Would such a policy be beneficial for China? Absolutely not.

But there is another "P" word I would like to use ... pioneer. China's achievements are filled with many firsts. At Rio Tinto, we are proud to be pioneers in mining and metals. We have operated with a pioneering spirit during the past 145 years to develop some of the world's largest and best quality mines.

By Monday, tax authorities had processed export rebates totaling 204 billion yuan of 230,000 companies. This has eased the tax burden and cash flow stress of exporters, said Wang Daoshu, chief auditor of the STA. The administration will work with other government departments to enact more tax policies to stabilize exports, he said.