Trilemma and Chinese Monetary Policy Operating Model Under Open Economy

As the "trilemma" (Mundell triangle) said, we can just choose two of the three macroeconomic aims: independence of the monetary policy, stabilization of the exchange rate and completely flowage of the capital. As China has chosen independence of the monetary policy and stabilization of the exchange rate, not completely abandoned flowage of the capital, the independence of Chinese monetary policy has been ruined. After China join WTO, how to maintain independence of Chinese monetary policy, how to choose the aims of monetary policy and how to constitute its operating model under open economy will be very important.