M2 Growth in the 8 Largest Currencies, Representing 93 Countries and Territories

Covers a relatively short period from 2006.

An increase in the money supply is often a strong indicator of inflation.

China's M2 money supply has grown by over 1000% in the past 18 years, but inflation has remained relatively low due to rapid GDP growth, capital controls, and external expansion via the Belt and Road Initiative (BRI). By issuing loans and bonds abroad, China has absorbed some excess liquidity, reducing inflationary pressure at home. However, as global conditions change and China's economic growth slows, maintaining low inflation may become more difficult. If investments under the BRI falter or foreign confidence in Chinese bonds weakens, inflation risks could rise.