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207 sats \ 5 replies \ @optimism 21 Feb \ on: China M1 Money Supply Go Brrr — Implications? econ
They changed the definition of M1: https://www.globaltimes.cn/page/202412/1324233.shtml
The People's Bank of China (PBC), the central bank, announced on Monday that it will implement a revised statistical scope for M1 starting from January 2025.
The revision of the M1 statistical scope will expand to include personal demand deposits and prepaid funds received by non-bank payment institutions, building on the existing M1 framework. M1 is a narrow measure of the money supply in an economy that includes currency and liquid assets that can be easily converted into cash.
Personal bank cards and mobile payment systems did not exist when M1 was first established, and personal demand deposits could not be used for instant transfers or payments, which is why they were excluded from M1, said a spokesperson for the PBC.
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51 sats \ 1 reply \ @0xbitcoiner OP 21 Feb
wtf!
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33 sats \ 0 replies \ @optimism 21 Feb
These clowns don't have versioning (neither does the US tho) but I guess that's a feature, not a bug.
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100 sats \ 0 replies \ @Undisciplined 21 Feb
Thanks, I was going to aske if they did this. The same thing happened in the US a few years ago.
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21 sats \ 1 reply \ @zuspotirko 18h
Convenient time to change definitions.
Right in the middle (or beginning) of significant shifts in the geopolitical world order. Right in the beginning of a massive change in global trade. Just after a massive pivot of the entire Chinese economy from real estate and small electronics towards EVs.
Convenient timing indeed.
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0 sats \ 0 replies \ @optimism 15h
It was announced in December according to that article, so I would not at all be surprised if the CCP had this as part of some plan that was laying around as a contingency for if Trump would win and just executed it. That would be the competent thing to do.
Just after a massive pivot of the entire Chinese economy from real estate and small electronics towards EVs.
Do you have some good sources for this? I'd like to read more about this.
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