Quantitative easing is when the central bank eases (increases) the money supply, not to reach a lower targeted interest rate - at this point it is as low as it can go - but to just to provide easing for the economy or to fight deflation in prices. It does this mainly by buying the government’s treasury and agency debts directly. So for instance, the Treasury creates notes and sells them directly to the Fed. The Fed writes a check and poof - new money is created and starts being spent by the government, payable by future tax serfs. This is purely monetary inflation. We started doing this formally in early to mid-March, the Brits started in January.
The renminbi is the yuan, the Chinese currency. The Chinese want at least 8% annual growth in GDP, so they are going to at least inflate in tandem with everyone else, because otherwise their currency would become stronger and so their exports would become pricier.