Hello, it seems that this is the second time I have answered your question here. I don't know what's unclear about my first answer. Actually, you can ask. I'm here to talk about my personal views on this issue. First of all, there are some factors that affect the money supply: 1, the amount of money exported to the society by the central bank through reverse repurchase (that is, buying treasury bills from the public and central bank bills issued by the only central bank in China) is actually printing money and transporting it to the society; 2. One part is the bank's deposit reserve ratio, and the other part is the cash leakage rate (understood as the currency held by people). These two points are the concrete embodiment of the central bank controlling the amount of money, so they are the embodiment of the exogenous money supply. 3. Due to the multiplier effect of bank loans and money creation, the money supply determined by the internal variables of the economic system is the embodiment of the endogenous money supply. Moreover, endogenous money supply also includes money supply that changes due to the increase in money demand caused by changes in interest rates and exchange rates. For example, the interest rate of the central bank's refinancing or rediscounting of commercial banks affects the money borrowed by commercial banks from the central bank, and then determines the money supply due to the multiplier effect, and the amount of money that the central bank has to put in due to the appreciation of the exchange rate and the arbitrage of foreign currency flowing into China (that is, the amount of foreign exchange). These are the endogenous manifestations of money supply. In addition, the implicit loans provided by shadow banking institutions in China to the society are also endogenous currencies due to the multiplier effect.