Alas, you guys haven't even looked at the People's Bank of China's balance sheet:

/The proportion of foreign exchange deposits has been decreasing, and the renminbi has long been unpegged from the US dollar. This proportion has been decreasing since around 2011.

/So what is the new anchor? It's various bank liabilities, specifically including corporate debt, local government debt, personal loans, and so on.

/Also, the money multiplier is gradually increasing because China, as a developing country, has not yet fully utilized the money multiplier.

Therefore, the addition of national debt to the central bank's balance sheet this time may have a completely different impact from what most people think. The core content here is:

• Has the power to issue local government bonds been taken back? If it has, then you will definitely need central government bonds to hedge… If it hasn't, then national debt would be considered as "increasing the means of QE."

China has been doing QE for many years, don't you guys know that? 😂

Aren't local government debts a form of QE?

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