monetary circulation base
... 货币流通额 monetary circulation aggregate 货币流通方程式 monetary circulation equation 货币流通基数 monetary circulation base ...
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That is what it is now doing: Japan's monetary base (currency in circulation and banks' reserves at the Bank of Japan) grew by 23% in the year to January.
ECONOMIST: The yen
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Critics might fret that the recent slowdown in the growth in Japan's monetary base (banks' reserves at the central bank plus notes and coins in circulation) suggests that the Bank of Japan has tightened policy.
ECONOMIST: Taking the porridge test