Frankly speaking, in the past decade, the circulation of China's M2 is almost the highest in the world. Our M2 to GDP ratio is 2.1:1, compared to 0.9:1 in the US. Why did you not feel it when you sent so much money? There are many reasons, but there are two reasons that are most important.
First, the issuance of our base currency is largely achieved by foreign exchange payments. That is, the central bank purchases the US dollar in the hands of the company and the company, and releases the renminbi according to the market exchange rate. In this way, the liquidity is released.
Foreign exchange accounts for more than 80% of the central bank's release of liquidity, and is currently around 60%. In other words, the US dollar reserve is an important credit basis for the issuance of the RMB, which largely ensures the stability of the RMB exchange rate.
Of course, another important reason is the expansion of real estate, which has caused a large part of the liquidity released by the central bank to be trapped by real estate.
Therefore, if the trade war is really going on, the next impact will involve the monetary and financial sector.