在外汇占款上升周期,央行吸收外汇转化成外储同时投放等量的RMB进入m2,由于外储上升的速度和规模空前,央行又不得不提高准备金率来把过度泛滥的货币圈在笼子里,以防止恶性通货膨胀。那时的RMB由美元作背书,而当下RMB脱锚美元,外储下降但货币照发,米少了水多了粥变稀,贬值是唯一选择
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