Despite all the talk from Beijing about curtailing excessive credit expansion, policy makers have not taken truly decisive steps, such as raising reserve requirements on banks to sop up liquidity.

尽管北京方面多次表示要遏制信贷过度扩张，但决策者并未真正采取决定性步骤，如提高银行准备金率，以吸纳流动性。

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Exchange rate disequilibrium and adjustment will affect the price of real estate by liquidity effect, expectation effect, wealth effect, spill-over effect, and credit expansion or depression effect.

汇率失衡及其调整，通过流动性效应、预期效应、财富效应、溢出效应以及信贷扩张或收缩效应等影响房地产价格。

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After the financial market collapsed last fall, the Fed responded with a massive injection of liquidity and expansion of the monetary base.

去年秋天金融市场崩溃，美联储作出反应，大规模注入流动资金和扩大货币基础。

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Their continued expansion since then has pumped liquidity into the system when the Federal Reserve was trying to reduce it.

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While the ability of some smaller banks to lend is restricted by the loan-to-deposit ratio regulations, sluggish credit expansion was not primarily a result of liquidity constraints, Barclays analysts said.

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In addition, large capital outflows have undermined bank liquidity, making it harder to use the banks to finance expansion.

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