In China, the stability of price level has something to do with bonds, but it is not the main reason. The main reason is that foreign exchange reserves have risen too fast, and in the face of the rapid rise of foreign exchange reserves, effective measures have not been taken: control and guidance, which has led to inflation. China's RMB has not achieved global circulation. In order to balance its foreign exchange reserves, the state must issue RMB according to the foreign exchange reserves. Since the RMB has not flowed to the world, but only settled in China, it will naturally lead to price increases. Therefore, this international measure is not suitable for China, a country with non-global foreign exchange circulation. Buying and selling bonds and foreign exchange in the open market can alleviate the price increase, but the effect is extremely limited and has not played an important role in price stability. In order to stabilize prices, we should not only speed up the internationalization of RMB, but also open private foreign exchange investment immediately, so as to relieve and eliminate the pressure of huge foreign exchange reserves on the China market.