They have issued bills and bonds to mop up any rise in base money that would have occurred from the accumulation of foreign reserves. This is a monumentally ill-considered policy in a region that faces deflation.

• 外汇储备积累导致的基础货币上升,都被它们通过发放钞票和债券抹煞了。在通货紧缩的地区,这是非常错误的政策。