M0, M1, M2 and M3

Currency supply quantity is divided

Now, the stage currency

The cash in

M1 - - M0 + enterprise unit current

M2 - - M1 + enterprise unit regular deposit

M1 is the currency supply quantity of narrow

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The difference

In the "macroeconomics" of Sa-Miao-Er-Sen, M1=shows currency + check; The save deposit of M2=M1 +. And there is still the projects such as M0 and M3 in the bank system of Britain. According to the open information of our the National Bureau of Statistics, our country is , is taking M0, M1 and M2 as frame system. Currency amount: M0, M1 and M2.
The cash
The current deposit
The regular deposit + save deposit

No doubt, we are the modern bank managements claimed of imitation foreign countries , statistical system the m system established. But we many years m system is imitation only, and have no actual economic meaning.

For example, the m system of Sino-U.S. two countries, if M1 number value is identical, , the current currency of America that has actual economic meaning is M1, and China has the current currency of actual economic meaning to want , is far smaller than M1. This difference makes Chinese economic unit have no enough currency, and America has abundant currency relative to China.

The reason of causing this difference

Again for example under M2 project, if M2 is identical, , the save volume of China is great, but circulation , the currency of actual economic meaning is few, because M2 of China deposits by Gao E to take and has fallen , and America is nearly M1 completely( American savings ratio very low) reality also is M0 completely, decidedly the most are current currencies, it is sufficient that there are the currency of economic meaning in market. And China is that market serious lack has the currency of actual economic meaning.

This is why America always

Chinese financial circle no matter theoretician or manager one is very stubborn and stupid view, think that American does not deposit. Actually, this is the view of a kind of mistake, American is also person , need to also wear clothing , has meal , live in retirement etc. payment, these payments same needs hold currency storage, why is the savings ratio of America very low? Actually, neither is that American not deposits nor is that American has no money, is these currency storages not under save project, is under check project, under M1 project.

Therefore, same M2, M1 and M0 level, the m system of

If Chinese financial reform changes this m system only, , Chinese reality has the currency of economy meaning that will increase 10 trillion more( save the check of turning , check may exchange current currency freely), and currency amount not needs any change.


Additionally a aspect, American and western country establishes m system to be convenient for the statistical Indian currency quantity and observation economic tendency of adjusting control. In which, check has big volume and general volume degree, this is just the key of the M2 and M1 of distinguishing points, that is said, how many trades are with big volume trade , how many trades is with general volume degree trade. Big volume trade major occur trade with investment between large scale company.

As former writing states , regardless of M1 and M2, because of the free exchange of check, both has actual economy meaning. On currency amount, meaning is identical , but has important economy meaning on fund use. Currency amount appears with M1, consumer and terminal market activism; Appear with M2, investment and intermediate market activism.

It is stored up that America unites may judge accordingly with each commercial bank should how to judge monetary policy. M2 has low M1 high , shows that investment overheat and demand are not prosperous , has crisis risk; It is low that M1 passes high M2 , show that demand is strong , invest in deficiency , have increase risk. When currency amount basic maintenance stabilizes.