— 1 —
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.
— 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.
— 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