Monetary conditions continued to be favourable during the year , with low levels of hong kong dollar interest rates and a further decrease in the real effective exchange rate 由于港元利率偏低及实质有效汇率进一步下跌，年内货币状况维持宽松。随经济增长强劲，广义货币供应量显著增加。
A long - term balance is noted among the chinese bond prices and fixed - asset investment , net export , commodity price index , monetary supply , bank loans and foreign exchange reserves 我国债券市场价格与固定资产投资、净出口、物价指数、货币供应量、金融机构存贷款和外汇储备存在长期均衡关系。
The result shows that there is a stable relationship between gdp and m0 , and gdp and cpi can be explained by the money supply fluctuation on different levels 实证结果显示，我国的国内生产总值和m0之间存在长期的稳定关系，国内生产总值和居民消费价格指数也可以用各层次货币供应量的变动来解释。
Credit , mo ney supply has almost no effect on net export . but interest rate ( interest rate of marketing , deposit ) , exchange rate have a special prominence effect on investment 对于净出口，信贷、货币供应量对其几乎没有引导作用，而利率(市场化利率、存款利率) 、汇率的引导作用却是显著的。
Such specific analysis as the measurability , controllability and relativity can be made to tell whether the money supply will continue to serve as the medium goal of the monetary policy of china 货币供应量是否适宜于继续作为我国货币政策中介指标可以从指标的可测性、可控性、相关性等方面具体分析。
In addition , an interest rate hike may increase pressure on the renminbi to appreciate , thereby drawing further " hot money " inflows into china and adding to domestic money supply and inflation pressures 此外，提高利率可能会增加人民币升值的压力，因而吸引更多“热钱”流入中国，从而增加国内货币供应量和通胀压力。
The central bank in china should locate a reasonable inflation target regime which is based on money supply together with an assistant target system , then turn to real interest rate target at right time 我国应在以货币供应量为中心建立配套辅助目标体系的基础上，确定一个合理的通胀目标区，适时把利率作为中介目标。
Example : the infinite capacity of central banks depends on the intervention being unsterilised , in other words the extra currency is added to the nation ' s money supply . that has inflationary implications 例证:国央行的无穷能力要依靠非冲销式干预，换句话说，额外的货币被加入了该国的货币供应量中。这就意味着通货膨胀。
