Spring Festival consumption is indeed an important reason. Because M 1 is money supply in a narrow sense, it is equal to M0 (working capital)+demand deposits of enterprises and institutions. During the Spring Festival, the year-end bonus was distributed centrally, and the demand deposits of enterprises and institutions were greatly raised and transferred to individuals. At this time, it is M0, and individuals will partially hold (M0)+ consumption (transferred to merchants)+time deposit (M2). Then these merchants will continue to deposit demand deposits (M 1) and time deposits (M2) respectively. That is to say, a part of M 1 has been converted into M2, so the increase rate will decrease. In addition, I don't know whether the country will slightly regulate the money supply because of the acceleration of money circulation in February. It is suggested to refer to the increase of money supply in February.