病毒图表激发了人们对中国M1货币供应的猜测，但分析师揭穿了“流动性注入”理论

广泛共享的图表显示，中国的M1货币供应突然激增，加剧了Crypto Twitter的猜测。许多人解释了数据

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.

一张广泛的共享图表引发了对加密推特的猜测，因为中国的M1货币供应中有很大的突然飙升。许多人将数据解释为前所未有的流动性注入的证据。

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，包括本杰明·科恩（Benjamin Cowen）在内的分析师已经澄清说，激增是由于对度量的计算方式的重新分类，而不是循环资金的实际增加。

Viral Chart Sparks Speculation

病毒图表火花猜测

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%.

该图表来自TradingView，显示中国的M1货币供应量从大约67万元人民币上升到112.45万亿元的一夜之间，显然激增了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.

这导致人们猜测中国政府已向金融体系注入了大量流动性。一些人甚至解释了这可能会影响包括加密货币在内的全球市场。

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

相关：金融专家Raoul Pal，Howell讨论了流动性周期和财富转移：比特币，黄金和货币的未来

Analysts Debunk “Liquidity Injection” Theory

分析师揭穿“流动性注入”理论

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

但是财务分析师迅速揭穿了这些主张，直接指出了两个月前中国当局提出的正式宣布。

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

图表中的激增反映了如何测量M1货币供应的扩大范围，而不是突然增加可用现金。

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

该数据调整可能反映了重新分类的存款。它还可能包括以前在计算中排除的其他金融工具。

Benjamin Cowen Calls Out Misinformation

本杰明·考恩（Benjamin Cowen）喊出错误信息

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.

宏分析师本杰明·科恩（Benjamin Cowen）在线趋势。他指出，许多人误解了图表，认为中国突然将其货币供应量翻了一番。

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强调事实并非如此，而这一变化是由于先前宣布的指标范围扩展。他对缺乏批判性思维表示沮丧，批评了在加密推特上误导叙事的传播。

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

他说：“任何批判性的思维都会使这并没有发生。”

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

中国更新的M1公式：“ geez squared”解释说明

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帖子下的评论者通过分享了2025年1月推出的中国人民银行（PBOC）更新的M1公式的详细信息，从而进一步澄清了。

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.

现在的新计算包括流通的货币，该货币由银行系统之外的实物现金和需求存款组成。化名评论者“ Geez Squared”也提到了企业和机构持有的支票帐户中的资金。

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.

同时，Geez还指出，该计算还包含了个人需求存款，这些存款是单个支票帐户中现已明确包含在公式中的单个支票帐户中的资金。

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

相关：亚瑟·海斯（Arthur Hayes）：中国的量化宽松将触发比特币价格飙升

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，现在将非银行支付机构持有的预付费资金纳入计算中。这包括数字钱包的余额或由Abipay和Wechat Pay等实体管理的预付费帐户。

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.

其他分析师也陷入困境，强调了验证官方资源的重要性。他们还强调，在得出结论之前，了解财务数据背后的背景至关重要。

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

本文提供的信息仅用于信息和教育目的。本文不构成任何形式的财务建议或建议。由于提到的内容，产品或服务的利用，Coin Edition对任何损失概不负责。建议读者在采取与公司相关的任何行动之前谨慎行事。