病毒圖表激發了人們對中國M1貨幣供應的猜測，但分析師揭穿了“流動性注入”理論

廣泛共享的圖表顯示，中國的M1貨幣供應突然激增，加劇了Crypto Twitter的猜測。許多人解釋了數據

A widely shared chart has sparked speculation on Crypto Twitter after showing a massive sudden spike in China’s M1 money supply. Many interpreted the data as evidence of an unprecedented liquidity injection.

一張廣泛的共享圖表引發了對加密推特的猜測，因為中國的M1貨幣供應中有很大的突然飆升。許多人將數據解釋為前所未有的流動性注入的證據。

However, analysts, including Benjamin Cowen, have clarified that the surge is due to a reclassification of how the metric is calculated, not an actual increase in circulating money.

但是，包括本傑明·科恩（Benjamin Cowen）在內的分析師已經澄清說，激增是由於對度量的計算方式的重新分類，而不是循環資金的實際增加。

Viral Chart Sparks Speculation

病毒圖表火花猜測

The chart, sourced from TradingView, shows China’s M1 money supply jumping from approximately 67 trillion yuan to 112.45 trillion yuan virtually overnight, an apparent surge of 67.59%.

該圖表來自TradingView，顯示中國的M1貨幣供應量從大約67萬元人民幣上升到112.45萬億元的一夜之間，顯然激增了67.59％。

This led to speculation that the Chinese government had injected massive liquidity into the financial system. Some even interpreted this could potentially impact global markets, including cryptocurrencies.

這導致人們猜測中國政府已向金融體系注入了大量流動性。一些人甚至解釋了這可能會影響包括加密貨幣在內的全球市場。

Related: Financial experts Raoul Pal, Howell Discuss Liquidity Cycles and Wealth Transfer: Bitcoin, Gold, and the Future of Money

相關：金融專家Raoul Pal，Howell討論了流動性週期和財富轉移：比特幣，黃金和貨幣的未來

Analysts Debunk “Liquidity Injection” Theory

分析師揭穿“流動性注入”理論

But financial analysts quickly debunked these claims, pointing directly to an official announcement made two months ago by Chinese authorities.

但是財務分析師迅速揭穿了這些主張，直接指出了兩個月前中國當局提出的正式宣布。

The surge in the chart reflects an expanded scope in how M1 money supply is measured, not a sudden increase in available cash.

圖表中的激增反映瞭如何測量M1貨幣供應的擴大範圍，而不是突然增加可用現金。

This data adjustment likely reflects reclassified deposits. It may also include other financial instruments previously left out of the calculation.

該數據調整可能反映了重新分類的存款。它還可能包括以前在計算中排除的其他金融工具。

Benjamin Cowen Calls Out Misinformation

本傑明·考恩（Benjamin Cowen）喊出錯誤信息

Macro analyst Benjamin Cowen weighed in on the trend online. He pointed out that many people misinterpreted the chart, believing China had suddenly doubled its money supply.

宏分析師本傑明·科恩（Benjamin Cowen）在線趨勢。他指出，許多人誤解了圖表，認為中國突然將其貨幣供應量翻了一番。

Cowen emphasized that this was not the case and that the change was due to a previously announced expansion in the scope of the metric. Expressing his frustration with the lack of critical thinking, he criticized the spread of misleading narratives on Crypto Twitter.

Cowen強調事實並非如此，而這一變化是由於先前宣布的指標範圍擴展。他對缺乏批判性思維表示沮喪，批評了在加密推特上誤導敘事的傳播。

“Any ounce of critical thinking would make it obvious this didn’t happen,” he said.

他說：“任何批判性的思維都會使這並沒有發生。”

China’s Updated M1 Formula: “Geez Squared” Explains

中國更新的M1公式：“ geez squared”解釋說明

A commenter under Cowen’s post provided further clarification by sharing details of the People’s Bank of China’s (PBOC) updated M1 formula, introduced in January 2025.

Cowen帖子下的評論者通過分享了2025年1月推出的中國人民銀行（PBOC）更新的M1公式的詳細信息，從而進一步澄清了。

The new calculation now includes currency in circulation, which consists of physical cash outside the banking system and demand deposits. The pseudonymous commenter, “Geez Squared,” also referred to funds in checking accounts held by businesses and institutions.

現在的新計算包括流通的貨幣，該貨幣由銀行系統之外的實物現金和需求存款組成。化名評論者“ Geez Squared”也提到了企業和機構持有的支票帳戶中的資金。

Meanwhile, Geez also noted that the calculation also incorporates personal demand deposits, which are funds in individual checking accounts that are now explicitly included in the formula.

同時，Geez還指出，該計算還包含了個人需求存款，這些存款是單個支票帳戶中現已明確包含在公式中的單個支票帳戶中的資金。

Related: Arthur Hayes: China’s Quantitative Easing Will Trigger a Bitcoin Price Surge

相關：亞瑟·海斯（Arthur Hayes）：中國的量化寬鬆將觸發比特幣價格飆升

Moreover, prepaid funds held by non-bank payment institutions are now factored into the calculation. This includes balances in digital wallets or prepaid accounts managed by entities like Alipay and WeChat Pay.

此外，現在將非銀行支付機構持有的預付費資金納入計算中。這包括數字錢包的餘額或由Abipay和Wechat Pay等實體管理的預付費帳戶。

Other analysts also chimed in, emphasizing the importance of verifying official sources. They also stressed that understanding the context behind financial data is crucial before jumping to conclusions.

其他分析師也陷入困境，強調了驗證官方資源的重要性。他們還強調，在得出結論之前，了解財務數據背後的背景至關重要。

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本文提供的信息僅用於信息和教育目的。本文不構成任何形式的財務建議或建議。由於提到的內容，產品或服務的利用，Coin Edition對任何損失概不負責。建議讀者在採取與公司相關的任何行動之前謹慎行事。