M1 comprises currency in circulation plus demand deposits in national currency of resident non-bank non-government sectors with the PBC and banking institutions. Currency in circulation refers to notes and coins by the PBC less the amount held by banking institutions.
Copyright, 2014, International Monetary Fund. Reprinted with permission.
Source: International Monetary Fund
Release: International Financial Statistics
International Monetary Fund, M1 for China© [MYAGM1CNM189N], retrieved from FRED, Federal Reserve Bank of St. Louis https://research.stlouisfed.org/fred2/series/MYAGM1CNM189N, February 13, 2016.