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Appendix

Figure 4: Compare velocity of money V0V1V2

Source: own, Data: National Bureau of Statistics of China.

Figure 5: stock of money M0M1M2

Source: own, Data: National Bureau of Statistics of China.

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— 2 — Figure 6: Growth rate of money supply M0M1M2

Source: own, Data: National Bureau of Statistics of China.

Figure 7: Relationship between M1and V1

Source: own, Data: National Bureau of Statistics of China.

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— 3 — Figure 8: relationship between M2and V2

Source: own, Data: National Bureau of Statistics of China.

Figure 9: The relationship between velocity of money and economic cycle

Source: own, Data: National Bureau of Statistics of China

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