<p> M & nbsp; 2 increase can not be equated to the increase in base money supply, can not be equated to the excess liquidity. Secondly, errors Chinese financial resource allocation is not a commercial bank and trust caused. After July 2005 the central bank started the exchange rate reform, the RMB unilateral appreciation, international hot money continued to flow into China risk-free arbitrage. Currently, 25 trillion, "high-powered money" that is the basis of China's central bank issued currency, the base currency by the dominant issue of dollar reserves as high as more than 20 one trillion yuan. Dollars of hot money led the delivery structure of the monetary base, while the base currency of this distorted structure leads to further M & nbsp; 2 expansion. After the international hot money into China, the central bank received through settlement dollars, while a certain number of dollars paid to holders of RMB, the yuan and the dollar gained as the holders of capital to carry out domestic investment, namely RMB to enter the market, thereby resulting in an increase of RMB supply on the market. In order to suppress the yuan supply growth, the central bank by raising the deposit rate and the issuance of central bank bills, to tighten monetary policy,hogan scarpe donne, reducing the amount of domestic commercial bank loans, various types of business entities to reduce working capital loans, and raising bank lending rates and private lending interest rates . If the central bank base money market liquidity and return movements linked to look.</p>
<p> while the performance of M2 dollar continues to rise � further attract hot money into China ... This is the Chinese renminbi financial cycle beginning in 2005 since entering the appreciation of the channel mode. The financial cycle model is being broken by reversing the flow of dollars. RMB appreciation weakened the momentum of China's economic growth. In business efficiency and growth rate began to turn around down, the United States began claiming exit garbage dollar policy, the implementation of a strong dollar policy, China began to withdraw dollars of hot money. Dollars to establish such a financial cycle model, creating a real estate bubble of photovoltaic power generation and other industries; dollar took the initiative to break the financial cycle mode, resulting in China's financial market turmoil. Dollar outflow of hot money, is detonated Chinese commercial bank liquidity tension fuse current.1. Heaven door is broken, God tender rebuilt. Indians say: 3 one thousand things right on the grounds that a 1000 cost of materials, labor costs 1,000, I earn 1,000; German said: to 6,000, the cost of materials 2,000.</p>
<p> 2,000 artificial, earning his own two thousand; Finally, Chinese people calm and said: This should be 9 thousand, three thousand to you, my 3,000, and the remaining 3,000 to the Indian dry. God to stand up: successful! via. Dazhuang career (Sina microblogging users) Harbin-Dalian high-speed railway, the design speed of 350 kilometers per hour but not actually to 200 km, and the commitment from April 1 speed to 300 km is also postponed. Is expected to invest 82 billion yuan, the actual cost is far more than 100 billion yuan. During more problems continue: CEOs Du thick Chi because corruption issues are "double"; engineering jerry cause a large area of embankment frost. Friends laugh: God, that was a train to heaven. 2.</p>
<p> you can find: China's central bank is to maintain normal production and operation of domestic enterprises liquidity close up, handed over dollar holders, which formed part of the foreign capital capital and the formation of credit capacity, and further squeeze credit lines funded enterprises, domestic enterprises to make credit more difficult. China's base money supply structure of the formation of such a financial cycle mode: appreciation of the renminbi to the dollar � � hot money inflows holder base money and lead to increased mobility � central bank to raise the deposit reserve ratio, issuing central bank bills to tighten domestic commercial banks business line of credit � bank interest rates and private lending interest rates rise � dollars of hot money in high-speed turns and arbitrage.</p>
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