Because China holds a large amount of foreign exchange, it needs a lot of money to buy foreign exchange to balance the RMB exchange rate; Since the central bank will adopt a write-off policy every time it buys, that is, it can recover most of the national debt by buying and selling the same amount in the open market, so it should not be in China. This is also closely related to the high savings of China people.

Second, there is no inflation:

China's money supply has been growing steadily, which is basically in step with China's economic growth, and it is not very high. As for inflation, moderate inflation is normal, while hyperinflation is impossible.

Extended data:

Excessive currency will affect inflation to a certain extent, but the first consideration of the country's economic policy formulation is to maintain price stability. Therefore, within a certain period and scope, the state allows moderate inflation, so the moderate issuance of money supply can also stimulate market liquidity.

But at present, the problem facing China and many countries is not inflation, but preventing deflation! If we understand the principles of economics, we know that deflation is more destructive to the market than inflation. Therefore, in the face of national macro-control, the monetary policy adopted is called: the lesser of the two evils!

Baidu Encyclopedia -M2