That increases the monetary base (cash and commercial-bank reserves) but not necessarily the broad-money supply (cash and deposits).

这增加了货币基数[注3](现金和商业银行准备金)，但不一定会增加广泛货币供应量(现金和存款)。

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However, expansion of the monetary base does not necessarily lead to growth in broad money, which measures the supply of credit to businesses and consumers and which ultimately drives inflation.

ECONOMIST: Buttonwood: Pausing for breath | The