Adding up the impact of the PBC’s sterilization efforts, roughly one-quarter of China’s total monetary base is illiquid. Thus, although China’s total money supply seems excessive, with the M2-to-GDP ratio now at about 190%, the real monetary base is actually much smaller than it appears.
所有这些消毒措施加起来，大约1/4的中国货币基数都处于非流动状态。即便中国的货币总供应量看似超额（M2-GDP比率目前达到了190%），真正的货币基数却比看上去要小。因此中国的通货膨胀以及资产价格也都维持在可控的范围内。