人行宽松未必等于中国货币供给总量宽松,更不等于全球流动性膨胀。在国内,外汇占款渠道基础货币减少很多,放松货币政策很大一部分是抵销这个紧缩性影响。在全球,中日等央行放宽货币政策,未必能抵销美联储紧缩影响。总体情况如何,考虑抽时间计算一下。若上述分析成立,则某些资产价格暴涨不可持续。
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