On March 16 at 2 am Beijing time, the Federal Reserve as expected has raised the interest rates; the People's Bank of China quickly follows up, raising the open market reverse repurchase and MLF (medium-term lending) again after more than a month. Anbound researchers believe that the Bank of China's operation has strong significance, which probably aims to reduce the negative effects caused by the increase of Federal Reserve’s interest rate and to ease the pressure of the devaluation of renminbi, further preventing the outflow of funds and the rapid decline in foreign reserves. This is also to deleverage and to curb asset bubbles, and to guard against financial risks. In the future of this fine-tuning policy is likely to continue to be implemented for another 1-2 times. It is worth noting that if the Federal Reserve continues to raise interest rates, China's future policy operation space will be very cramped.