In China, unlike in advanced countries, monetary and sterilization policy are often one in the same. The degree to which monetary policy is expansionary depends on the degree to which the liquidity created by currency-market intervention has been sterilized.
跟发达国家不同的是，中国的货币与冲销政策经常都是同一套做法。货币政策扩张的程度取决于有多少货币市场干预下产生的流动性是被冲销掉了。