In a country with a huge amount of liquidity – M2 (a common measure of the money supply) amounts to double China’s GDP – and still-rising borrowing costs, this makes little sense. The problem is that the government has maintained a PPI-adjusted benchmark interest rate that exceeds 11%.
中国有着巨量的流动性——M2（货币供应量的常用指标）达到了中国GDP的两倍——而借贷成本仍在升高，这毫无意义。问题在于政府将经PPI调整的基准利率保持在11%以上。影子银行部门的利率达到了令人咋舌的20%，一些民间借贷比20%还要高。